Business / Financial Markets | CURRENCY MARKET

Dollar slightly weaker around ¥109.10 in late Tokyo trading

JIJI

The dollar was slightly softer around ¥109.10 in Tokyo trading late Wednesday amid a dearth of fresh trading incentives.

At 5 p.m., the dollar stood at ¥109.06-06, down from ¥109.23-23 at the same time on Tuesday. The euro was at $1.1005-1005, down from $1.1028-1028, and at ¥120.03-03, down from ¥120.46-46.

The dollar fell below ¥109 in overnight trading overseas as selling emerged after U.S. President Donald Trump offered no details about an expected meeting with his Chinese counterpart, Xi Jinping, in his address on Tuesday, traders said.

In early trading in Tokyo, the dollar hovered around ¥109 thanks to buying on dips, traders said.

The greenback slipped below ¥108.90 later in the morning in line with a drop in the benchmark 225-issue Nikkei stock average.

After rising back above ¥109, the U.S. currency moved in a narrow range in afternoon trading.

An official of a major securities firm said that the dollar-yen rate showed “odd movements” in the absence to major trading incentives, from the viewpoint of the stock and bond markets.

“It’s difficult (for investors) to move until detailed information about U.S.-China trade talks is offered,” an official at a foreign exchange margin trading service company said.