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Kyodo economic news summary -2-.

TOKYO, Oct. 14 Kyodo

---------- Tokyo stocks surge in morning, Nikkei above 11,000

TOKYO - Tokyo stocks surged Tuesday morning, sending the benchmark Nikkei index up 2.13% and above the key 11,000 threshold for the first time in about a month on solid gains in the banking sector and export-oriented technology firms after advances in U.S. equities overnight to new highs for the year.

The 225-issue Nikkei Stock Average jumped 229.35 points to end the morning at 11,015.39, above 11,000 for the first time since Sept. 19 on an intraday basis. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange advanced 1.87%, or 20.03 points, to 1,093.91.

----- Japan, Mexico to continue last-ditch FTA talks

TOKYO - Japan and Mexico are set to continue ministerial talks Tuesday to seek a political breakthrough in negotiations for a free-trade agreement (FTA) following their first round of talks Monday which highlighted a wide gap in their positions.

Foreign Minister Yoriko Kawaguchi indicated the two nations may hold another round of ministerial talks later in the day to narrow their differences so that the two nations will be able to hammer out a basic agreement during a summit meeting set for Thursday between Japanese Prime Minister Junichiro Koizumi and Mexican President Vicente Fox.

---------- Mitsukoshi Osaka to sell New Year's dishes for dogs

OSAKA - Mitsukoshi Ltd.'s department store in Osaka said Tuesday it will sell a limited number of New Year's dishes for dogs that will offer canines a sumptuous and healthy meal.

It will start accepting reservations next Tuesday for 200 assorted dishes which will come in double-tier boxes and cost 18,000 yen.

---------- Cash bonds, futures prices fall sharply in morning deals

TOKYO - Prices of 10-year Japanese government bonds (JGBs) and JGB futures fell sharply Tuesday morning on heavy selling spurred by stock surges, with the Nikkei benchmark ending the morning above the psychological threshold of 11,000.

In interdealer trading, the yield on the key No. 254 10-year, 1.4% government bond rose 0.100 percentage point from Friday to 1.450%. Japanese financial markets were closed Monday for a national holiday.
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Publication:Japan Weekly Monitor
Date:Oct 20, 2003
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