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Dollar stuck around ¥120.40 in year-end trade

JIJI

The dollar was range-bound around ¥120.40 in Tokyo trading on Wednesday, the final market day of the year in Japan.

At 5 p.m., the dollar stood at ¥120.40-41, up from ¥120.35-36 at the same time Tuesday. The euro was at $1.0934-0934, down from $1.0974-0975, and at ¥131.66-67, down from ¥132.12-13.

The dollar was firmer around ¥120.50 in early trading, carrying over its strength from overnight trading overseas, where the greenback attracted demand thanks to rises in stock prices and long-term interest rates in the United States.

The dollar came close to ¥120.60 in midmorning trading, supported by real demand-backed buying.

After fluctuating in a ¥120.40-50 range in the absence of fresh trading incentives, the U.S. currency was hit by position-adjustment selling, and slipped through ¥120.40, market sources said.

“With most investors away for the year-end and New Year’s holidays, active trading was held in check,” a currency broker said.