Business / Financial Markets | CURRENCY MARKET

Dollar falls below ¥112.70 in late Tokyo trading

JIJI

The dollar was weaker below ¥112.70 in Tokyo trading late Monday, after regaining some lost ground helped by repurchases.

At 5 p.m., the dollar stood at ¥112.65, down from ¥112.78 at the same time on Friday. The euro was at $1.1425, up from $1.1372, and at ¥128.71, up from ¥128.25.

In early trading, the dollar eased below ¥112.50 as dollar selling continued from late last week against the backdrop of slightly weak U.S. government jobs data, released on Friday, and persistent concerns over U.S.-China trade friction, traders said.

After briefly rebounding above ¥112.50, the greenback fell below ¥112.30 later in the morning in line with a plunge in the benchmark 225-issue Nikkei stock average, traders said.

The dollar climbed above ¥112.60 in late hours, as dollar buybacks gained strength, backed by a slight upturn in U.S. long-term interest rates in off-hours trading.

Market players found it difficult to boost trading ahead of Tuesday’s vote on a draft deal on Britain’s exit from the European Union, or Brexit, by the country’s Parliament, traders said.

“Dollar-yen rate movements currently depend on U.S. interest rates” and trading to adjust positions will likely be dominant until the U.S. Federal Reserve’s two-day Federal Open Market Committee meeting next week, an official of a foreign exchange margin trading service company said.