Business / Financial Markets

Dollar weakens to below ¥107.10 in Tokyo trading

Jiji

The dollar fell below ¥107.10 in late Tokyo trading Tuesday after fluctuating around ¥107.25 amid a lack of trading incentives.

At 5 p.m., the dollar stood at ¥107.06-06, down from ¥107.22-22 at the same time Monday. The euro was at $1.0839-0840, down from $1.0841-0842, and at ¥116.06-06, down from ¥116.24-25.

Although the dollar was lifted above ¥107.30 by Japanese importers buying for settlement purposes, there were no follow-through purchases.

“The dollar-yen pair was almost static in Tokyo hours,” ahead of a national holiday in Japan and policy-setting meetings by the U.S. Federal Reserve and the European Central Bank, an official at a commercial bank said.

“Now that dollar squeeze concerns have receded to a greater extent, the greenback tends to weaken against the yen,” a trust bank official said.

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