Business / Financial Markets

Dollar inches up to around ¥107.70 in Tokyo amid lack of trading incentives

Jiji

The dollar slightly firmed to around ¥107.70 in lackluster Tokyo trading Monday.

At 5 p.m., the dollar stood at ¥107.75-75, up from ¥107.45-45 at the same time Friday. The euro was at $1.0875-0876, down from $1.0902-0903, and at ¥117.18-19, up marginally from ¥117.16-16.

After dipping below ¥107.50 in overseas trading Friday on worries about an escalation of U.S.-China tensions over the coronavirus pandemic, the dollar rebounded above ¥107.70 in Tokyo midmorning trading Monday. Later the greenback was stuck in a narrow band amid a mild uptick in selling pressure.

The dollar attracted purchases by Japanese importers for settlement purposes, a trader said.

Meanwhile, an official at a foreign-exchange margin trading firm pointed out that investors moved to sell the yen against the dollar in view of the rebound in the Nikkei stock average.

"The dollar-yen pair struggled for direction amid a lack of participants" due to holidays in the United States and Europe, an official at a major Japanese bank said.

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