STOCKS CLOSE AT RECORD HIGH IN HEAVY TOKYO TRADE
Share prices surged to close at a record
high in heavy trade as record gains on Wall Street yesterday
and expectations that Japan will take further steps to boost
its economy drew investors into the market, brokers said.
    The market average climbed 198.54 to 22,784.65, a record
closing high. The last closing record, set on April 4, was
22,738.67. Yesterday the market average lost 152.56.
    Advances led declines nine to eight in share turnover of
1.8 billion, the same as yesterday.
    Railway, securities house, rubber, oil, insurance, glass,
fisheries, machinery and food stocks led the advance.
    Brokers said a meeting of the Group of Five industrial
nations expected in Washington tomorrow is likely to lead to
further undertakings by Japan to stimulate domestic demand.
    Gas, some manufacturing, shipbuilding and other shares
related to the expansion of Japan's economy rose.
    A Nomura Securities broker said he did not expect another
cut in Japan's discount rate around the time of tomorrow's
talks but said the meeting would pressure Japan to import more
in order to ward off a further yen rise against the dollar.
    Communications, real estate, warehouse, rolling stock,
electric power and mining shares fell.
    The broad-based first section index rose 8.76 to 1,942.07
after falling 4.77 yesterday. The second section section index
gained 2.77 to 2,055.38 extending yesterday's 2.58 rise in
turnover of nine mln against seven mln yesterday.
 REUTER
