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Dollar Stable, Stock Prices Rise in Tokyo

December 07, 1987|Associated Press

TOKYO — Stock prices opened higher Monday on the Tokyo Stock Exchange in a favorable reaction to the U.S. dollar's stabilization against the Japanese yen.

The dollar opened at 132.60 yen on the Tokyo foreign exchange market, unchanged from last Friday's close.

The 225-stock Nikkei average, which rose 70.60 points last Saturday, posted a 94.45-point gain in the first 15 minutes of trading, moving to 22,767.86 points.

"Many market players are welcoming the tendency of the dollar's stabilization, despite a prevailing wait-and-see attitude" in the stock market, said Hitomi Sakano of Nomura Securities.

An official of a major commercial bank in Tokyo, speaking on condition of anonymity, said there were no domestic factors to explain the dollar's stabilization. He said early trading was thin.

Market participants were awaiting an announcement of U.S. trade figures for October slated for Thursday, the official said.

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