Business / Financial Markets | CURRENCY MARKET

Dollar falls below ¥111.30 in Tokyo trading

JIJI

The dollar slipped through ¥111.30 in Tokyo trading Tuesday, hurt by lower Japanese share prices.

At 5 p.m., the dollar stood at ¥111.26-27, down from ¥111.48-48 at the same time Monday. The euro was at $1.1346-1346, down from $1.1349-1349, and at ¥126.25-26, down from ¥126.51-52.

Hit by selling induced by the Nikkei 225 stock average’s sluggish moves, the dollar dropped below ¥111.20 toward noon, although the U.S. currency was temporarily supported by buying by Japanese importers earlier.

In the afternoon, the greenback pared part of the morning losses but came under renewed selling pressure when it rose to around ¥111.30, traders said.

The dollar moved on a weak note in tandem with Japanese and Chinese stocks, as players turned to focus on safer assets amid rekindled worries about Britain’s possible exit from the European Union without any sort of deal, an official of a foreign exchange margin trading service firm said.

A currency broker said falls in U.S. long-term interest rates have been weighing on the dollar.

Investors retreated to the sidelines to wait for U.S. Federal Reserve Chairman Jerome Powell’s remarks and the Fed’s quarterly policy interest rate projections, both to be made after the end of a two-day Federal Open Market Committee meeting starting later Tuesday, the broker added.