Business / Financial Markets | CURRENCY MARKET

Dollar flat around ¥106.95 in Tokyo

JIJI

The dollar went sideways around ¥106.95 in Tokyo trading Monday amid a lack of fresh trading incentives.

At 5 p.m., the dollar stood at ¥106.96-96, slightly down from ¥106.97-98 at the same time Friday. The euro was at $1.1031-1031, down from $1.1046-1047, and at ¥117.99-99, down from ¥118.17-18.

After topping ¥107 on buybacks, the dollar lost steam and struggled for direction until buying outpaced selling to some extent late afternoon trading.

The late dollar purchase can be taken as moves to square positions because there were no major incentives, a currency broker said.

Players are now focusing on upcoming policy-setting meetings of the European Central Bank, the U.S. Federal Reserve and the Bank of Japan, traders said, adding that the ECB and the Fed are expected to cut interest rates.

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