Business / Financial Markets

Dollar almost unchanged at ¥106.90 in Tokyo amid lack of trading incentives

Jiji

The dollar moved tightly around ¥106.90 in lackluster Tokyo trading Friday.

At 5 p.m., the dollar stood at ¥106.96-97, almost unchanged from ¥106.97-99 at the same time Thursday. The euro was at $1.1212-1213, down from $1.1243-1243, and at ¥119.92-94, down from ¥120.28-28.

The dollar was sandwiched mostly between ¥106.80 and ¥107.00 while investors were concentrating on position-squaring transactions.

“With the latest round of policy-setting meetings of the world’s major central banks over, the currency market has few trading incentives,” an asset manager said.

“Now that interest rate gaps between leading countries have become insignificant, market players find it difficult to tilt positions,” an official at a Japanese securities firm said.

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