Business / Financial Markets | CURRENCY MARKET

Dollar eases below ¥111.90 in Tokyo trading

JIJI

The dollar weakened below ¥111.90 in Tokyo trading Thursday, hurt by a downturn in Tokyo stocks.

At 5 p.m., the dollar stood at ¥111.84-84, down from ¥112.01-01 at the same time Wednesday. The euro was at $1.1271-1271, down from $1.1317-1317, and at ¥126.03-04, down from ¥126.72-73.

After moving above ¥112 in the early morning, the dollar fell below ¥111.90 in the wake of the benchmark Nikkei stock average’s dismal start, snapping its five-session rally.

Although the greenback showed some resilience as the dip prompted repurchases, it was pressured by a drop in U.S. long-term interest rates in off-hours trading in the afternoon.

“Investors stepped up moves to square positions ahead of the special 10-day holiday in Japan from April 27,” said an official at major Japanese bank.

An official at a major securities firm noted a continued “risk-on” mood. But a foreign exchange report by the U.S. Treasury Department “looms ahead,” a currency broker pointed out.

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