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Tokyo stocks rebound slightly, dollar lower against yen in early trading Wednesday

TOKYO — The Tokyo stock market's main index rose modestly in early trading Wednesday, rebounding from the previous day's 16-year low. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average gained 92.91 points, or 0.78 percent, to 11,912.61 points at the start of the morning session. On Tuesday, the average closed down 351.67 points, or 2.89 percent.

The dollar bought 119.64 yen, down 0.40 yen from late Tuesday in Tokyo and also below its late New York level of 119.83 yen.

On the stock market, the Nikkei index started higher after sentiment was lifted by a rebound on Wall Street.

In New York on Tuesday, the Nasdaq composite index closed up 91.40 at 2,014.78, a 4.8 percent gain, taking back much of Monday's 129-point loss. The Dow Jones industrial average rose 82.55 to 10,290.80, or less than 1 percent.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 7.05 points, or 0.60 percent, to 1,177.63. The TOPIX closed down 35.40 points, or 2.93 percent, the day before.

In currency dealings, the dollar slipped slightly against the yen amid uncertainty about the U.S. economy.

Traders are waiting for the release on Wednesday of U.S. business inventory data for January, and the Labor Department's report Friday on the Producer Price Index for February.

In other currencies, the euro was traded at 109.42 yen, down from 111.09 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Tuesday, it settled at 1.1800 percent and its price stood at 101.96.