Business / Financial Markets | CURRENCY MARKET

Dollar weakens to around ¥108 in Tokyo trading

JIJI

The dollar eased to levels around ¥108 in Tokyo trading Tuesday, pressured by profit-taking.

At 5 p.m., the dollar stood at ¥108.05-06, down from ¥108.36 at the same time Friday. The euro was at $1.1248, down from $1.1264-1265, and at ¥121.55, down from ¥122.08.

The Tokyo market was closed Monday for a national holiday.

The dollar topped ¥108 toward midmorning on buying by Japanese exporters after the three-day weekend in Japan, traders said.

But players moved to sell the greenback to lock in profits in view of the 225-issue Nikkei average’s further drop in late morning trading.

In the afternoon, the dollar fluctuated in a narrow range amid a dearth of powerful trading incentives, traders said.

“The dollar-yen pair reacts little to what are supposed to be market-moving events,” such as developments in U.S.-China trade relations and those related to Sunday’s House of Councilors election in Japan, an official at a foreign-affiliated securities company said.