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Nikkei edges up, dollar higher against yen

TOKYO — The Tokyo stock market's main index inched higher Tuesday morning in thin trading. The dollar was stronger against the yen.

The benchmark 225-issue Nikkei Stock Average gained 1.31 points, or 0.008 percent, to 16,155.22 at the end of the morning session. On Monday, the average closed up 36.41 points, or 0.23 percent.

The dollar bought 109.45 yen in late morning, up 0.71 yen from late Monday in Tokyo but below its late New York level of 109.51 yen.

On the stock market, the Nikkei opened slightly higher after technology issues, including Sony, rose in line with higher tech stocks in New York on Monday.

But profit-taking later reduced much of the Nikkei's early gains as trading remained subdued because of Japan's "obon'' summer holidays.

In New York, the Dow Jones industrial average rose 148.34 points to 11,176.14 at Monday's close. The tech-laden Nasdaq composite index closed at 3,849.69, up 60.22.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 2.53 points, or 0.17 percent, to 1,490.90. The TOPIX closed up 2.54 points, or 0.17 percent, the day before.

In currency dealings, the dollar carried over much of its overnight strength in New York, where the yen weakened after the release of a Japanese report showing a 21.4 percent rise in Japan's corporate bankruptcies for July.

A total of 1,617 companies declared bankruptcy in July because of a slump in personal consumption and a decline in public spending, said Teikoku Data Bank, a private research agency.

In other currencies, the euro was traded at 99.20 yen, up from 98.20 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.73 percent from Monday's finish of 1.7200 percent. Its price fell 0.08 point to 99.74.

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