Around the World's Markets: Tokyo

Tuesday 06 October 1998 23:02 BST

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STOCKS CLOSED up 0.57 per cent at 13,021.64 after rising more than 2 per cent earlier in the day. Two other local stock markets, in Hong Kong and Seoul, were closed.

The dollar fell more than 2 yen amid signs that Japan may introduce new spending measures and as its parliament moves closer to passing reforms aimed at cleaning up the debt-laden banking system.

Japanese Prime Minister Keizo Obuchi ordered his Cabinet to draw up a package of spending and tax cuts that could total 30 trillion yen ($225bn).

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