The dollar was almost unchanged around ¥111.90 in Tokyo on Monday as trading was subdued amid a lack of fresh incentives.
At 5 p.m., the dollar stood at ¥111.89-90, compared with ¥111.91-92 at the same time Friday. The euro was at $1.1246-1246, against $1.1243-1243, and at ¥125.84-85, against ¥125.82-83.
“Trading was thin during Tokyo hours as the Australian and Hong Kong markets were closed,” an official at a foreign exchange margin trading service firm said.
The dollar briefly rose to around ¥112 thanks to higher U.S. long-term interest rates in off-hours trading. But it fell back shortly. The currency tends to be sold when it rises to around ¥112, an asset management company official said.
In late trading, the greenback was pressured by selling from market players to square positions as well as from Japanese exporters before the Golden Week holidays start Saturday, an official of a Japanese bank said.
An official at a bank-linked securities firm said currency market players are paying attention to the Bank of Japan’s two-day monetary policy meeting starting Wednesday and a meeting between Finance Minister Taro Aso and U.S. Treasury Secretary Steven Mnuchin later this week.