Business / Financial Markets | CURRENCY MARKET

Dollar almost flat around ¥111.80 in late Tokyo trading

JIJI

The dollar was almost flat around ¥111.80 in directionless trading in Tokyo late Thursday afternoon.

At 5 p.m., the dollar stood at ¥111.78-78, compared with ¥111.78-79 at the same time Wednesday. The euro was at $1.1307-1307, up from $1.1301-1301, and at ¥126.39-40, up from ¥126.33-34.

In early trading, the dollar fell below ¥111.60, pressured by weak U.S. economic data, a decline in U.S. long-term interest rates and a fall in Japan’s benchmark Nikkei stock average.

The greenback later bounced back on buying by Japanese importers.

The dollar moved in a tight range in the afternoon in the absence of fresh trading incentives.

“There are no strong dollar-selling incentives, and buybacks emerge when the currency falls to around ¥111.50,” an official of a major life insurance firm said.

An official of a Japanese bank said, “There is no momentum to bid up the dollar further due to subdued risk appetite and weak stock prices.”

The dollar is expected to remain range-bound until U.S. jobs data come out on Friday, an official of another Japanese bank said.