Tokyo weaker
NZPA Tokyo Share prices fell broadly in light trade in Tokyo yesterday as market hopes for currency stability were dashed by an increasingly feeble U.S. dollar. “Investors are not sure about how the market will go from here and there is increased caution,” said Mr Hank Sawa, a market strategist with Prudential Bache in Tokyo. The Nikkei Average, lost 365.45 points, or 1.59 per cent, to 22,686.78. On Saturday, the index lost 216.39 points. Only rolling stock and warehouse shares gained. Securities house, communication, bank, insurance, phar-
maceutical and real estate shares led the decline. Brokers said financial issues were affected mainly by market speculation of cuts in Japanese interest rates. Brokers said the fall of Nippon Telegraph and Telephone (NTT) shares below the 2.55 million yen offering price of its recent sale would further discourage the market. “It is a worrying factor” since it means brokerages cannot rally sufficient interest to boost ntt, one broker said. “This should have a very negative impact on investors here,” said Mr Moriyasu Tahara, an analyst with in Tokyo. j
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Press, 1 December 1987, Page 52
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179Tokyo weaker Press, 1 December 1987, Page 52
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