P.M. BRIEFING : Tokyo Stock Exchange Rebounds
The Tokyo Stock Exchange’s key index rebounded sharply today while the dollar inched up against the Japanese yen after remarks by Prime Minister Noboru Takeshita about his links to a stock scandal reassured Japanese investors, dealers said.
The dollar closed at 132.62 yen, up 0.09 yen from the previous day’s 132.53 finish. It opened at 132.87 yen and ranged between 132.60 and 132.89 yen.
The 225-issue Nikkei Stock Average, which fell 186.03 points Monday, shot up today by 250.56 points, or 0.76%, closing at 33,249.58.
“Early morning trading started amid a cautious mood concerning what Prime Minister Takeshita was going to say before Parliament,” said Kenji Ishizuka with Daiwa Securities in Tokyo.
“But the index started to rise as participants discovered Takeshita said nothing worse than what had already been disclosed,” he added.
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