The dollar eased to around ¥106 in lackluster Tokyo trading Monday, weighed down by position-squaring selling.
At 5 p.m., the dollar stood at ¥105.97, down from ¥106.23 at the same time Friday. The euro was at $1.1863, up from $1.1833, and at ¥125.72, up from ¥125.66.
After struggling for direction around ¥106.10 for most of morning trading, the dollar met with some selling to square positions ahead of potentially market-moving events including the U.S. Federal Reserve's two-day Federal Open Market Committee meeting from Tuesday, a currency broker said.
Chief Cabinet Secretary Yoshihide Suga's victory in the ruling Liberal Democratic Party's leadership election in the afternoon briefly sent the dollar above ¥106.10 but failed to attract follow-through purchases because it had been widely expected, the broker added.
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