Business / Financial Markets | CURRENCY MARKET

Dollar falls to around ¥108.50 in Tokyo

JIJI

The dollar weakened to levels around ¥108.50 in sluggish Tokyo trading Monday.

At 5 p.m., the dollar stood at ¥108.56-56, down from ¥108.64-64 at the same time Friday. The euro was at $1.1163-1164, up from $1.1124-1124, and at ¥121.20-21, up from ¥120.86-86.

The dollar fell close to ¥108.30 in the early morning on risk-averse selling by investors disappointed with the British House of Commons’ postponement of a vote on a new Brexit deal Saturday, traders said.

But the greenback later took an upturn and gradually gained ground to around ¥108.50 thanks to buybacks by Japanese importers and fresh purchases prompted by the Nikkei 225’s solid moves, traders said.

The dollar struggled for direction in the afternoon amid the dearth of major trade incentives.

“The Brexit issue remains a focal point,” said an official at a Japanese bank.

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