The dollar was nearly static around ¥108.90 in quiet Tokyo trading Friday amid a dearth of fresh trading incentives.
At 5 p.m., the dollar stood at ¥108.89, up marginally from ¥108.82 at the same time Thursday. The euro was at $1.1987, up from $1.1978, and at ¥130.53, up from ¥130.36.
Carrying over its weakness from overseas trading, which came in response to lower U.S. long-term interest rates, the dollar moved at around ¥108.60 in early trading Friday.
The dollar recovered to around ¥108.90 later in the morning, thanks to buybacks and buying by Japanese importers for settlement purposes.
With very few market-moving incentives in sight, the U.S. currency mainly fluctuated around ¥108.80 throughout the afternoon, as market activity was limited before the weekend.
In late trading, the greenback approached ¥109 at one point. “The dollar was bought as the British pound came under speculative selling,” a currency broker observed.
“The course of the dollar-yen pair is expected to be determined largely by the moves of U.S. interest rates,” said an official at a foreign exchange margin trading service firm.
The currency broker warned that investor sentiment may also be swayed by uncertainties surrounding international affairs, including U.S. relations with China and Russia.
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