Business / Financial Markets | CURRENCY MARKET

Dollar easier below ¥114 in Tokyo trading

JIJI

The dollar moved in a tight range below ¥114 in Tokyo trading Wednesday, with players unable to find major trading incentives.

At 5 p.m., the dollar stood at ¥113.89-89, down from ¥114.06-06 at the same time on Tuesday. The euro was at $1.1292-1293, up from $1.1237-1238, and at ¥128.62-62, up from ¥128.17-18.

After hovering around ¥113.80, the dollar firmed above ¥113.90 on buying induced by a media report that the United States will withhold imposing new auto tariffs and by the 225-issue Nikkei average’s early gains.

The dollar-yen pair was almost at a standstill in the afternoon.

“The dollar’s top side was capped by uncertainties about Italy’s budget and the Brexit negotiations between London and Brussels,” said a bank-affiliated securities firm official.

“But the greenback was underpinned by the Nikkei’s solid performance,” said an official at a foreign exchange margin trading service firm.

Investors took to the sidelines ahead of the release of U.S. inflation data later in the day, another market source said.