Business / Financial Markets | CURRENCY MARKET

Dollar slightly above ¥113 in late Tokyo trades


The dollar was marginally firmer above ¥113 in Tokyo trading late Thursday, with its downside supported by moves to close positions ahead of the three-day weekend in Japan and Thursday’s market closure in the United States.

At 5 p.m. the dollar stood at ¥113.01, slightly up from ¥112.85 at the same time on Wednesday. The euro was at $1.1400, up from $1.1387, and at ¥128.85, up from ¥128.55.

In early trading, the dollar moved around ¥113, carrying over its strength from overseas trading overnight thanks to relatively strong U.S. equities, traders said.

The greenback rose above ¥113.10 following a firm start of the benchmark Nikkei 225 stock average in midmorning trading, but fell below ¥113 soon as the buying ran its course before the U.S. currency market closed for Thanksgiving Day.

Later, the U.S. currency fluctuated narrowly around ¥113.

In late trading, the dollar slipped below ¥113 briefly following a reported remark by Bank of Japan Governor Haruhiko Kuroda showing a cautious stance on additional monetary easing, before climbing to around the threshold as Chinese stocks cut earlier losses.

Currency market players “closed their positions and did little else” during Thursday’s trading ahead of the U.S. market holiday on Thursday and a national holiday in Japan on Friday, an official at a Japanese bank said.

An official at a major life insurance firm predicted that the dollar is also unlikely to show major movements in overseas trading later on Thursday.