The dollar eased below ¥108.90 in calm Tokyo trading Thursday.
At 5 p.m., the dollar stood at ¥108.82, down from ¥108.99 at the same time Wednesday. The euro was at $1.1978, up from $1.1957, and at ¥130.36, up from ¥130.32.
The dollar slipped through ¥108.90 in the morning, weighed down by position-squaring selling by Japanese exporters. But after such selling subsided, the greenback firmed on a modest rebound in U.S. long-term interest rates.
The U.S. currency lost minor ground on selling by European players in the late afternoon after moving in a tight range around ¥108.90 reflecting investors’ reluctance to trade actively before the release later in the day of U.S. retail sales data for March.
Bank of Japan Gov. Haruhiko Kuroda’s remarks at the BOJ branch managers’ meeting had no noticeable impact on the dollar-yen pair, traders said.
“The market became quiet as wait-and-see sentiment heightened” after Toshihiro Nikai, secretary-general of the ruling Liberal Democratic Party, suggested the possibility of the Tokyo Games’ cancellation amid the resurgence of coronavirus cases in Japan, a currency broker said.
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