The dollar slipped through ¥109.30 in Tokyo trading Monday, weighed down by falls in stocks and U.S. interest rates.

At 5 p.m., the dollar stood at ¥109.24, down from ¥109.38 at the same time Friday. The euro was at $1.2135, up from $1.2114, and at ¥132.58, up slightly from ¥132.51.

The dollar rose to around ¥109.50 in the morning on buying by Japanese importers for settlement purposes and on the Nikkei average’s strong start. But it headed lower following plunges in the Nikkei and Taiwan stocks amid the resurgence of the novel coronavirus.

In the afternoon, the greenback briefly dropped below ¥109.20 on the heels of a fall in U.S. long-term interest rates and its weakening against the British pound and the euro amid growing expectations for socioeconomic normalization in Europe.

Pointing to unabated hopes for an early U.S. economic recovery, traders said players were waiting for a speech later on Monday by U.S. Federal Reserve Vice Chairman Richard Clarida.

Investors will keep focusing on the Fed’s inflation perceptions for the time being, a currency broker said.

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