Business / Financial Markets | CURRENCY MARKET

Dollar eases below ¥108.60 in quiet Tokyo trading

JIJI

The dollar weakened to below ¥108.60 in Tokyo trading late Friday after quiet trading preceded the weekend.

At 5 p.m., the dollar stood at ¥108.54-54, down from ¥108.74-75 at the same time on Thursday. The euro was at $1.1017-1017, up from $1.1010-1010, and at ¥119.58-59, down from ¥119.73-73.

After taking a fall below ¥108.30 in overseas trading overnight, the greenback rose to levels close to ¥108.60 in Tokyo after market sentiment brightened on comments from White House economic adviser Larry Kudlow saying the U.S.-China trade talks had been “very constructive” and that the two countries are “getting close” to an agreement, traders said.

Real demand-backed buying also pushed up the dollar.

The greenback moved in a small range later amid a dearth of fresh trading incentives, traders said.

The dollar’s downside seems solid, an official of a foreign-exchange margin trading service said, pointing to the dollar’s recovery from a drop below ¥108.50 overseas the previous day.

“Investors were waiting for new trading cues on the U.S.-China trade front,” a Japanese bank official said.