The dollar hovered around ¥106 in Tokyo trading late Friday, thanks to buybacks after a fall earlier in the session.
At 5 p.m., the dollar stood at ¥105.93-97, almost unchanged from ¥105.98-98 at the same time on Thursday. The euro was at $1.1777-1777, up from $1.1765-1766, and at ¥124.73-79, up slightly from ¥124.70-70.
After fluctuating around ¥106 in the early morning, the dollar eased to around ¥105.80 later in the morning, weighed down by the benchmark Nikkei stock average’s weakness.
The dollar’s fall also came as the People’s Bank of China set the daily reference rate for the yuan against the U.S. currency “at a level stronger than expected,” after the country came back from national holidays, an official at a trust bank said.
The dollar, however, showed resilience against the yen, reflecting firmness in Chinese stock markets, and fluctuated tightly around ¥105.80-90 in the afternoon amid a dearth of fresh trading incentives.
“Market players were reluctant to engage in active trading,” with the U.S. market closed on Monday for Columbus Day, an official at a Japanese bank said.
In late trading, the greenback rose to around ¥106, supported by position-adjusted buying before the weekend.