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Dollar moves tightly around ¥120.30 in Tokyo

JIJI

The dollar was trapped in a tight range around ¥120.30 in Tokyo trading on Tuesday, with players retreating to the sidelines in the absence of fresh incentives.

At 5 p.m., the dollar stood at ¥120.35-36, down from ¥120.57-58 at the same time Monday. The euro was at $1.0974-0975, up from $1.0964-0965, and at ¥132.12-13, down from ¥132.21-21.

In early trading, the dollar traded around ¥120.35 in a sluggish tone, dampened by Tokyo stocks’ easier start following an overnight drop in U.S. stock prices.

The dollar, however, gained ground moderately in midmorning trading thanks to real demand-backed purchases and a stock market rebound.

Although the greenback slipped through ¥120.40 later, it firmed back on European players’ buying to adjust their positions in the late afternoon.

With most investors refraining from tilting their positions either way ahead of the year-end and New Year holidays, trading lacked vigor, market sources said.