Business / Financial Markets | CURRENCY MARKET

Dollar firm above ¥108.10 in Tokyo

JIJI

The dollar was firmer above ¥108.10 in Tokyo trading Tuesday after moving in a narrow range for the majority of the day.

At 5 p.m., the dollar stood at ¥108.12-12, up from ¥107.95-95 at the same time Friday. The euro was at $1.1016-1016, down from $1.1093-1094, and at ¥119.11-11, down from ¥119.77-77.

The Tokyo market was closed Monday for a national holiday.

After moving around ¥108 in the morning, reflecting a weak start of the Nikkei 225 stock average, the dollar rose above ¥108.30 in midmorning trading, pushed up by dollar buying by Japanese importers and a rise in the Nikkei.

The greenback then dropped and fluctuated around ¥108.20 for the rest of the day, pressured by selling on a rally.

While Saudi Arabian crude oil facilities were attacked by drones on Saturday, the yen-dollar rate struggled for direction in Tokyo trading.

“Dollar buying in times of emergency and risk-averse yen buying were engaged in a tug of war,” an official at a trust bank noted.

Trading became lackluster in the afternoon as market players adopted a wait-and-see stance ahead of the U.S. Federal Reserve’s two-day Federal Open Market Committee meeting, which starts later Tuesday, the Bank of Japan’s two-day Policy Board meeting starting Wednesday and high-level U.S.-China trade talks starting Thursday, a currency broker said.

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