Business / Financial Markets

Dollar stuck largely below ¥109 line in Tokyo ahead of Easter lull

JIJI

The dollar was static largely below ¥109 in quiet Tokyo trading Thursday as investors refraining from moving actively ahead of the Easter weekend overseas.

At 5 p.m., the dollar stood at ¥108.93-93, up slightly from ¥108.83-83 ¥ at the same time Wednesday. The euro was at $1.0875-0875, up from $1.0861-0862, and at ¥118.46-47, up from ¥118.20-20.

After slumping below ¥108.80 in early trading, the dollar topped ¥109 later in the morning thanks to buying mainly by Japanese importers. Later, the greenback traded in a narrow range between around ¥108.90 and ¥109.

A wait-and-see mood was strong ahead of the Easter weekend, as well as the weekly U.S. report on new jobless insurance claims, a lecture by U.S. Federal Reserve Chairman Jerome Powell and an emergency "OPEC-plus" videoconference for members of the Organization of the Petroleum Exporting Countries and non-OPEC oil-producing nations, all scheduled for Thursday, traders said.

"In midmorning trading, the U.S. unit attracted purchases from players with dollar shortages ahead of the Easter weekend," an official at a major securities firm said. But the dollar-yen pair became static later, the official added.

"Both the dollar and the yen tend to be sold recently amid the view that the spread of the novel coronavirus has peaked out," an official of a foreign-exchange margin trading service firm said.

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