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Dollar static below ¥113.50 in Tokyo

JIJI

The dollar was generally stuck in a narrow range below ¥113.50 in Tokyo trading on Friday, amid a dearth of fresh trading incentives after key economic events were out of the way.

At 5 p.m., the dollar stood at ¥113.43-44, compared with ¥113.23-23 at the same time Thursday. The euro was at $1.0753-0753, up from $1.0725-0725, and at ¥121.99-122.00, up from ¥121.44-45.

The greenback was lifted by purchases by Japanese importers in midmorning trading, but its topside was limited, traders said.

“The currency market basically lacked a direction,” said an official at a major Japanese bank.

Trading seemed to be limited to position adjustment ahead of a two-day Group of 20 financial meeting in Germany from Friday and a three-day weekend in Japan through Monday.

The dollar’s downside versus the yen, meanwhile, was “underpinned by firm U.S. stock prices and the difference in monetary policy direction between Japan and the United States,” a foreign exchange broker said.

The U.S. Federal Reserve on Wednesday raised its policy interest rate, while the Bank of Japan on Thursday kept the current monetary easing policy unchanged.