P.M. BRIEFING : Tokyo Stocks Off in Light Trading
Prices fell in light trading on the Tokyo Stock Exchange today, and the dollar rose moderately against the yen.
The Nikkei Stock Average of 225 selected issues, which gained 182.92 points Thursday, lost 409.28 points, or 1.38%, closing the week at 29,213.92.
Trading was thin, with 320 million shares changing hands on the market’s first section, down from Thursday’s 430 million shares.
A dealer said many market participants retreated to the sidelines to watch movements in the foreign exchange and bond markets.
Yoshihide Koyama, an equity analyst with Nikko Securites, also attributed the decline in the Nikkei index to investor worries over speculation that Japan’s central bank may raise its official discount rate once again in an attempt to halt the yen’s recent decline.
On the foreign exchange market, the dollar ended the week at 158.42 yen, up 0.42 yen from Thursday’s close of 158.00 yen. After opening at 158.27 yen, the currency ranged between 158.22 yen and 158.48 yen.
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