Business / Financial Markets | CURRENCY MARKET

Greenback weakens to around ¥111.30 in Tokyo as Hokkaido quake stokes tourism concerns

JIJI

The dollar was slightly weaker around ¥111.30 in late Tokyo trading Thursday after paring early losses stemming from a powerful earthquake in Hokkaido.

At 5 p.m., the dollar stood at ¥111.31-32, against ¥111.45-46 at the same time Wednesday. The euro was at $1.1622-1623, up from $1.1555-1556, and at ¥129.38-38, up from ¥128.79-79.

After moving around ¥111.50 in early trading, the dollar fell below ¥111.20 in midmorning trading as Tokyo stocks lost ground on concerns over a drop in tourism-related demand following the quake, traders said.

The temblor, which struck in the small hours of Thursday, maxed out at 7 on the Japanese seismic intensity scale.

Later, the greenback returned to levels around ¥111.40 mainly thanks to buybacks, the traders said.

A foreign-exchange brokerage official spotted dollar sales for yen traced to speculation that U.S. President Donald Trump’s administration will slap a third round of additional tariffs on Chinese imports as early as Thursday.

In the meantime, a Japanese bank official said it is difficult to tilt positions either in favor of the dollar or yen because Washington may open a window for negotiations by setting the tariff launch date at the end of September or even later.