The dollar inched down to levels around ¥105.40 in slow Tokyo trading Wednesday.
At 5 p.m., the dollar stood at ¥105.41, down from ¥105.46 at the same time Tuesday. The euro was at $1.1741, down from $1.1779, and at ¥123.78, down from ¥124.24.
The dollar fell below ¥105.30 on selling by Japanese exporters around midmorning after topping ¥105.60 in overnight trading overseas. Traders also attributed the dollar selling to drops in Japanese, U.S. and Chinese stocks.
Following a rebound to around ¥105.50 on buybacks induced partly by the Nikkei stock average’s upturn, the greenback met with renewed selling in late afternoon trading.
“The dollar-yen pair was swayed only by real demand-backed transactions,” a Japanese bank official said.
“Investors find it unadvisable to tilt their positions either way as the U.S. presidential election day looms,” a think tank analyst noted.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.