Tokyo Stocks Down 1.14%, Dollar Up in Early Trading
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TOKYO — Share prices fell more than 1% on the Tokyo Stock Exchange this morning and the U.S. dollar rose against the Japanese yen despite active intervention by the Bank of Japan to stem the move.
The key 225-issue Nikkei index lost 428.13 points, or 1.14%, ending the morning session at 37,088.64. The index plunged 653.36 on Friday, the eighth-largest one-day point drop in history. Japanese markets were closed for a public holiday Monday.
The index fell below 37,000 shortly after the market opened today as investors dumped issues, but then recovered slightly, said Yoshio Shimoyama, Nikko Securities senior dealer.
The dollar ended the morning session at 145.73 yen, up 0.38 yen from 145.35 yen late Friday. The currency opened higher at 145.85 yen and ranged between 145.65 yen and 146.07 yen.
Dealers and analysts have blamed the Nikkei’s plunge in recent weeks on falling government bond prices caused by the weakening yen.
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