May 30, 1984

The United States and Japan, as expected, announced a major agreement today that could substantially expand the international role of the yen and provide new business opportunities in Japan for American financiers. Japan also agreed to take ''step-by- step'' action to relax tight Government controls of its domestic capital markets. But the reaction was guarded among some analysts in the United Excerpts from paper, page D6. States, Exporters welcomed the move, with one representative calling it ''an important first step.'' but international experts speculated that as a result the yen could become even cheaper in the short term.

Roll-call vote, page B4. ALBANY, Wednesday, May 30 - The State Assembly, in a rebuff to Governor Cuomo, refused early today to raise New York State's drinking age to 21 from 19. The 80-to-69 vote followed nearly seven hours of emotional debate and several days of intensive lobbying by the Governor, who said the bill was as important as any measure facing the Legislature this year. In the roll-call vote, which was completed shortly after 1 A.M., there was no pattern of political or regional voting.

GLUTINOUS rice is a most misunderstood grain, particularly in the West, where it is not as well known as other varieties of rice. Many people know it as ''sweet rice,'' the label under which it is most often sold, or as ''sticky rice.'' Eaten widely throughout China and the rest of Asia, it is used in a broad and varied range of food preparations from soups to snacks, from first to main courses. While it is also used to make desserts, it is by no means confined to sweet, dessertlike dishes, as many people seem to believe. Flour made from glutinous rice is also used throughout China for dumplings, cakes and steamed loaves of dough. Not sweet in the sugary sense, glutinous rice, after cooking, can impart a certain pleasant taste to the tongue, which accounts for the term sweet. It is certainly sticky, however, particularly if boiled.

Teledyne Inc., the electronics and manufacturing conglomerate, said yesterday that it would buy back all 8.7 million shares tendered under a $200-a-share offer for its own stock that expired last Friday. The total cost to the company for the repurchase will be $1.74 billion, making it one of the largest corporate buybacks on record. Earlier this month, the company said it would buy back about 5 million shares for $1 billion.

An additional Air Force aerial tanker and 400 Stinger antiaircraft missiles have been sent to Saudi Arabia, the United States announced. The arms were sent to help the Saudis improve their air, sea and land defenses against Iran. (Page A1, Column 6.) Iran vowed to fight any American military intervention in the Persian Gulf. Meanwhile, Iraq reiterated its pledge to continue its air and sea blockade of Iran's main oil export terminal until Iran responded to appeals to end the war. (A1:4-5.)