Business / Financial Markets | CURRENCY MARKET

Dollar falls below ¥108.40 in Tokyo

JIJI

The dollar fell below ¥108.40 in Tokyo trading Wednesday, as investors increasingly became risk-averse amid rekindled concerns over Britain’s possible exit from the European Union without any deal.

At 5 p.m., the dollar stood at ¥108.37-37, down from ¥108.56-56 at the same time Monday. The euro was at $1.1124-1125, down from $1.1163-1164, and at ¥120.56-56, down from ¥121.20-21. Tokyo financial markets were closed Tuesday for a special national holiday.

After hovering above ¥108.40, the dollar slipped through ¥108.30 on selling stemming from the British pound’s drop caused by the House of Commons’ rejection of prompt discussions on a Brexit deal between London and Brussels, traders said.

The greenback later moved in a tight range above ¥108.30 in the dearth of fresh incentives.

“Although players believe the current Oct. 31 Brexit deadline will be pushed back, they cannot move actively either way until the postponement is announced,” said an official at a foreign exchange margin trading service firm.

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