Business / Financial Markets | CURRENCY MARKET

Dollar almost flat around ¥108.65 in Tokyo as incentives elude


The dollar went sideways around ¥108.65 in Tokyo trading Friday due to the lack of incentives.

At 5 p.m., the dollar stood at ¥108.61-61, down from ¥108.67-67 at the same time Thursday. The euro was at $1.1112-1112, down from $1.1147-1147, and at ¥120.69-70, up from ¥121.10-10.

The dollar rose close to ¥108.70 in midmorning trading on real demand-backed buying. But it soon fell back into a narrow range around ¥108.65 as there were no follow-through purchases.

“The dollar has been unable to breach ¥108.70-75 amid a dearth of powerful incentives,” an official at a bank-affiliated securities firm said.

“Investors found it difficult to tilt positions ahead of policysetting meetings by the Japanese and U.S. central banks next week,” an asset manager said.