The dollar edged down below ¥110.10 in Tokyo trading Thursday, pressured by a fall in U.S. long-term interest rates and a Japanese stock sell-off.
At 5 p.m., the dollar stood at ¥110.07-07, down from ¥110.67-67 at the same time Wednesday. The euro was at $1.1238-1239, down from $1.1251-1252, and at ¥123.71-71, down from ¥124.51-52.
After moving between ¥110.40 and ¥110.50, the dollar fell below ¥110.20 in midmorning trading, as the Nikkei stock average’s tumble fueled safe-haven buying of the yen vis-a-vis the U.S. currency, a currency broker said.
A slide in the key 10-year interest rate in the United States in off-hours trading also put a damper on the dollar, another broker said.
But the dollar was supported by “buying on a dip” when it came close to the ¥110 threshold, an official at a major securities firm said.