Business / Financial Markets | CURRENCY MARKET

Dollar softer around ¥113.10 in Tokyo


The dollar was marginally weaker around ¥113.10 in Tokyo trading late Wednesday, dragged down by U.S. President Donald Trump’s criticism of the U.S. Federal Reserve’s interest rate increases.

At 5 p.m., the dollar stood at ¥113.07-07, down from ¥113.31-31 at the same time on Tuesday. The euro was at $1.1491-1495, up from $1.1474-1474, and at ¥129.94-130.10, down from ¥130.01-02.

The dollar fell below ¥112.90 briefly in early trading before bouncing back on purchases from Japanese importers, traders said.

The comments by Trump made currency market players “more vigilant against such remarks” by the U.S. president, an official at a currency brokerage house said.

A slide in the benchmark 225-issue Nikkei stock average also weighed on the dollar against the yen, though the stock index later bounced back and finished higher.

“Dollar-yen movements were sluggish due to lower Chinese stocks,” despite the Nikkei’s rebound in the afternoon, the currency brokerage house official said.

In late hours, the dollar rose to levels around ¥113.10 as the U.S. currency was hunted versus the euro by European players, traders said.

An official of an asset management firm said that the European currency was sold against the dollar due to “concerns over Italy’s finance.”