Dollar falls against yen in Tokyo morning.TOKYO, Sept. 27 Kyodo
The U.S. dollar fell against the yen in Tokyo on Monday morning, losing its earlier gains on profit-taking.
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . It traded at 104.41-44 yen in Tokyo late Friday.
In the morning, the U.S. currency moved between 104.70 yen and 106.00 yen.
Earlier in the morning, the dollar rose to 106.00 yen as buying was encouraged by a Bank of Japan (BOJ BOJ Bank Of Japan
BOJ Bank of Jamaica
BOJ Bourgas, Bulgaria (Airport Code)
BOJ Beginning of Job ) statement released at the Group of Seven (G-7) meeting of finance chiefs Saturday that the central bank will explore ways to improve money-market operations.
Later however, profit-taking occurred on reports that the BOJ has no plans to change its monetary policy, dealers said.
Players regarded the BOJ statement at the G-7 meeting, held in Washington, as indicating a readiness for further monetary easing to stem the yen's rise against the dollar.
However, such hopes were hurt on reports that at a hastily hast·y
adj. hast·i·er, hast·i·est
1. Characterized by speed; rapid. See Synonyms at fast1.
2. Done or made too quickly to be accurate or wise; rash: a hasty decision. called news conference Sunday Sunday: see Sabbath; week. in Washington, Hayami had said the BOJ stance on monetary policy "has not changed."
"The market had been hopeful for changes (toward monetary easing), but Hayami negated the stance taken earlier at the G-7 meeting," said Minoru Shioiri, deputy manager of foreign exchange at Nippon Credit Bank.
Dealers said the central bank's reluctance to further ease its credit grip was apparent in the stance it took in the Tokyo money market Monday morning.
"The BOJ refrained from expanding the surplus in the interbank market Interbank market
Financial institutions exchange of currencies between and among themselves. from the usual amount of 1 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time.
(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed.
In the USA and Canada, 10^12. yen," said Takashi Toyahara, a foreign exchange manager at Nomura Trust and Banking Co., adding this led U.S. players to sell the dollar.
Dealers said the U.S. currency is likely to be trapped narrowly at the 105 yen level for the time being amid a lack of fresh factors.
"Players are caught in a bind -- on the one hand, the Nikkei index (of Tokyo stocks) is not strong enough for them to rush to buy the yen. On the other hand, there are no follow-up moves by the central bank and other G-7 partners to prop up Verb 1. prop up - support by placing against something solid or rigid; "shore and buttress an old building"
prop, shore up, shore
hold up, support, sustain, hold - be the physical support of; carry the weight of; "The beam holds up the roof"; "He supported the dollar," Shioiri said.
At midday, the euro traded at 1.0443-0445 dollars and 109.68-72 yen in Tokyo, compared with 1.0435-0445 dollars and 108.50-60 yen in New York late Friday.