Business / Financial Markets | CURRENCY MARKET

Dollar weakens to around ¥107.30 in Tokyo trading

JIJI

The dollar softened around ¥107.30 in Tokyo trading Wednesday, pressured by a string of negative external factors including the launch of an impeachment inquiry into U.S. President Donald Trump.

At 5 p.m., the dollar stood at ¥107.28-28, down from ¥107.59-59 at the same time Tuesday. The euro was at $1.0997-0997, up from $1.0987-0988, and at ¥117.98-99, down from ¥118.21-23.

In overnight trading overseas, the dollar slipped through ¥107 on selling prompted by a larger-than-expected drop in the U.S. Conference Board’s consumer confidence index for September and the start of the Democratic Party’s impeachment investigation into Trump.

In addition, Trump’s U.N. General Assembly address blaming China’s trade practice worked against the U.S. currency, traders said.

In Tokyo trading, the dollar recouped some of the losses on real demand-backed buying and buybacks induced by a halt in U.S. long-term interest rates’ decline in off-hours trading and the Nikkei stock average’s resistance to fall further after an early morning plunge.

The dollar was stuck in a narrow range around ¥107.30 in the afternoon.

“It’s hard to forecast whether the greenback will go up or down,” said an official at a foreign exchange margin trading service firm.

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