Dollar little changed against yen in Tokyo morning.
TOKYO, Dec. 11 Kyodo
The U.S. dollar was little changed against the yen Monday morning as its earlier gains were erased by dealer-led selling.
The dollar traded at 110.95-98 yen at midday, compared with 110.95-111.05 yen late Friday in New York New York, state, United States
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 .
The U.S. currency moved between 110.85 yen and 111.44 yen during the morning.
After approaching the mid-111 yen level earlier in the morning, the dollar slipped to the upper end of 110 yen on selling by dealers adjusting their long dollar positions.
''Many had accumulated dollars over the weekend on reports about the MSCI index,'' said Keizo Tanaka, foreign exchange manager at Asahi Bank.
On Sunday, Morgan Stanley Capital International Morgan Stanley Capital International (MSCI)
This firm publishes a number of well known benchmarks, such as the MSCI World Index. (MSCI) announced it would change the composition of its benchmark stock indexes. The announcement spurred yen-selling against the dollar on views that the weighting of Japanese stocks will be lowered.
''The yen is also benefiting today from the rise in stocks and the release of capital spending capital spending
Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. data that were slightly encouraging,'' said Tanaka at Asahi Bank.
The 225-issue Nikkei Stock Average Nikkei stock average
Applies mainly to international equities. Price-weighted average of 225 stocks of the first section of the Tokyo Stock Exchange started on May 16, 1949. Japanese equivalent of the US Dow. gained 339.93 points to 15,036.44 in the morning.
Meanwhile, the Finance Ministry released data showing that capital spending by Japanese companies This is a list of companies from Japan. Note that 株式会社 can be (and frequently is) read both kabushiki kaisha and kabushiki gaisha (with or without a hyphen). See that article for more details. rose 0.2% in the July-September quarter from the year before for the third straight quarter of increase.