Dollar, Japanese stocks fall in early trading

TOKYO >> Japanese stocks fell slightly early today after Friday's retreat on Wall Street dampened investor sentiment in Tokyo. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average fell 40.89 points, or 0.40 percent, to 10,252.43 at the open. On Friday, the average closed up 165.14 points, or 1.63 percent -- its first advance in seven trading days of decline totaling 814.18 points, or 7.44 percent.

The dollar bought 132.44 yen in early trading, down 0.38 yen from late Friday in Tokyo and also below its late New York level of 132.62 yen on Friday.

On the stock market, the Nikkei index fell into negative territory in line with Friday's slide on Wall Street.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 5.73 points, or 0.57 percent, to 1,001.91 early today. The TOPIX closed up 22.74 points, or 2.31 percent, on Friday.

Daiei Inc. shares were untraded on a glut of sell orders after Japan's No. 2 retailer on Friday announced its latest reorganization plan and said it would ask banks to wipe out $3.17 billion in debt and preferred stock.

The yield on the 10-year Japanese government bond fell to 1.4150 percent from Friday's finish of 1.4250 percent. Its price rose 0.08 points to 99.86.

Cooling-off period issued in United labor dispute

WASHINGTON >> A 30-day "cooling-off" period was issued yesterday to prevent a strike by disgruntled United Airlines mechanics.

In a brief statement issued by the White House, President Bush said he "remains concerned about the effect an airline strike could have on the traveling public and on the economy."

He urged the two sides to continue to work at resolving their ongoing dispute.

A Presidential Emergency Board appointed in the dispute between United and the International Association of Machinists and Aerospace workers sent a fact-finding report to the White House yesterday.

With the issuance of the report, the cooling-off period takes effect under provisions of the National Railway Labor Act.

Spokesmen for the airline and the union were not immediately available for comment.

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