Business / Financial Markets | CURRENCY MARKET

Dollar weakens to around ¥110.80 in late Tokyo trading on position-adjustment selling

JIJI

The dollar weakened to around ¥110.80 in Tokyo trading late Friday, weighed down by position-adjustment selling before the weekend.

At 5 p.m., the dollar stood at ¥110.80-80, down from ¥111.61-62 at the same time Thursday. The euro was at $1.1683-1683, down from $1.1702-1702, and at ¥129.45-46, down from ¥130.61-62.

The dollar fell to levels around ¥111 in overseas trading the previous day, after declines in the Turkish lira, the Argentine peso and other emerging-markets’ currencies helped the Japanese unit attract safe-haven buying, traders said.

The greenback stayed around the ¥111 level until late in afternoon trading in Tokyo amid a lack of major trading incentives.

In late trading, the dollar lost further ground to around ¥111.80, hit by selling to adjust positions, traders said.

The dollar’s downside was supported by the firmness of the benchmark 225-issue Nikkei stock average, which cut earlier losses and ended slightly lower, according to a currency broker.

But the dollar’s topside was limited by rekindled concerns over U.S.-China trade friction, an official of a Japanese bank said. U.S. President Donald Trump indicated Thursday a positive stance on imposing fresh tariffs on Chinese imports.

“A risk-averse mood has strengthened,” another currency broker said, noting lower Japanese and Chinese stock prices Friday.

Investors refrained from stepping up trading ahead of a three-day holiday weekend in the United States, an official of another Japanese bank said.