Business / Financial Markets | CURRENCY MARKET

Greenback drifts below ¥109.40 in Tokyo trading

JIJI

The dollar fell below ¥109.40 amid lackluster trading in Tokyo Friday.

At 5 p.m., the dollar stood at ¥109.37-37, down from ¥109.57-57 at the same time Thursday. The euro was at $1.1117-1117, down from $1.1126-1126, and at ¥121.59-59, down from ¥121.91-91.

After slipping through ¥109.20 in overnight trading on soft U.S. economic data, the dollar rose close to ¥109.40 around midmorning thanks to buybacks. The greenback gradually lost ground thereafter.

“The dollar moved in tandem with the British pound, which fell further amid persistent concerns over a smooth Brexit,” a brokerage official said.

“Now that investors have mostly finished squaring positions ahead of the Christmas holiday season, the dollar-yen pair is struggling for direction,” a Japanese bank official said.

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