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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.

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 (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 data that were slightly encouraging,'' said Tanaka at Asahi Bank.

The 225-issue Nikkei Stock Average gained 339.93 points to 15,036.44 in the morning.

Meanwhile, the Finance Ministry released data showing that capital spending by Japanese companies rose 0.2% in the July-September quarter from the year before for the third straight quarter of increase.
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Publication:Japan Weekly Monitor
Date:Dec 18, 2000
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