Key Japan Stock Index Hits 19-Month Low : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

Oct 17, 2000 - 10:53 PM

Key Japan Stock Index Hits 19-Month Low, Dollar Down The Associated Press

TOKYO (AP) - The Tokyo Stock Exchange's main index fell to a 19-month low Wednesday morning, pushed down by an overnight drop on Wall Street. The dollar was lower against the yen. The benchmark 225-issue Nikkei Stock Average shed 410.86 points, or 2.68 percent, to 14,929.37 at the end of the morning session.

The average last traded below the 15,000-point level in early March 1999. On Tuesday, the Nikkei average closed down 172.10 points, or 1.11 percent.

The dollar bought 107.98 yen in late morning trading, down 0.22 yen from late Tuesday in Tokyo and also marginally below its late New York level of 107.99 yen overnight.

On the stock market, prices continued to weaken over a broad front with technology issues and communications-related stocks leading the decline, weighed down by Wall Street's slide.

Robert Sasaki, analyst at Jardine Fleming Securities, said foreign investors remained bearish.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 31.75 points, or 2.21 percent, to 1,406.41. The TOPIX closed down 13.26 points, or 0.91 percent, the day before.

In New York, the Dow Jones industrial average lost 149.09 points to 10,089.71 at Tuesday's close. The Nasdaq composite index fell 76.32 to end at 3,213.96.

In currency dealings, traders said the greenback, though down, was steady against the yen amid the Tokyo stock market's weakness.

The euro was traded at 92.28 yen, up from 91.84 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.8050 percent from Tuesday's finish of 1.8300 percent. Its price rose 0.21 point to 100.81.

-- Martin Thompson (, October 18, 2000

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