The dollar moved narrowly at around ¥103.80 in Tokyo trading Friday as market players retreated to the sidelines ahead of the three-day weekend in Japan.
At 5 p.m., the dollar was at ¥103.87, compared with ¥103.83 at the same time Thursday. The euro was at $1.1869, up from $1.1844, and at ¥123.29, up from ¥122.99.
The dollar-yen pair struggled for direction due to a dearth of strong trading incentives ahead of the long weekend, dealers said.
A slight rise in the dollar on buying from Japanese importers was countered by concerns about a continued surge in coronavirus cases in the United States, they said.
“It’s difficult to trade” as Monday is a Japanese holiday and Thursday is Thanksgiving in the United States, a currency broker said.
The dollar’s upside is heavy given its failure to maintain the ¥104 level achieved in overseas trading Thursday, a securities house official said.
But an official from a Japanese bank said that the dollar is “in a phase where it will see downside but is giving an impression of being relatively firm.”
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.