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Kyodo economic news summary -4-.

TOKYO, July 13 Kyodo

---------- Key 10-year JGB falls as Tokyo stocks surge

TOKYO - The price of the benchmark 10-year Japanese government bond fell Friday, sending the yield higher on a strong rebound in Tokyo stocks and overnight rises in U.S. long-term interest rates.

In interdealer trading, the yield on the No. 287, 1.9 percent issue rose 0.030 percentage point from Thursday's close to 1.930 percent.

---------- Euro hits record high vs. yen, dollar hovers near mid-122 yen level

TOKYO - The euro hit its highest level in the upper 168 yen range Friday in Tokyo as market players bet on the possibility of an additional interest rate hike in the eurozone.

The U.S. dollar moved in a narrow range around the mid-122 yen level as investors refrained from actively buying the dollar despite an overnight rise in U.S. stocks.

---------- Abe not willing to hike consumption tax: tax panel chief

TOKYO - Despite his recent wishy-washy remarks on the politically sensitive proposal of raising the consumption tax, Prime Minister Shinzo Abe, deep inside, does not like the idea because he prioritizes spurring economic growth over a tax hike as a way to improve state finances, the head of the government's tax panel said Friday.

''Since the prime minister focuses on boosting economic growth, I believe he hopes he would not need to raise the tax,'' Yutaka Kosai, chairman of the Tax Commission, told a press conference after the panel's meeting.
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Publication:Japan Weekly Monitor
Date:Jul 16, 2007
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