Dollar marginally lower against yen in Tokyo.
At 5 p.m., the dollar changed hands at 111.05-08 yen, down from 111.10-20 yen at 5 p.m. Wednesday in New York. It moved between 110.83 yen and 111.51 yen during the day and was most frequently traded at 111.20 yen.
After hitting a high of 111.51 yen in the morning, the dollar fell to 110.83 yen in cross-trading as dealers sold euro for yen after mistakenly believing that losses reported at Norinchukin Bank were on euro-denominated Japanese government bonds.
Norinchukin Bank reportedly incurred losses of 4 billion yen on Euroyen bonds, however.
The euro traded at $1.0019-0022 and 111.28-33 yen at 5 p.m., down from $1.0030-0040 and 111.50-60 yen in New York overnight.
"The news came just at a time when players were seeking new factors, encouraging some short-term traders to sell," said Kazuhiro Kaneko, a dealer at the treasury department of Dai-Ichi Kangyo Fuji Trust and Banking Co.
Dealers said, however, the dollar will stay around the 111 yen line for the time being.
Having lost momentum after touching a half-year high of 111.73 yen on Tuesday in Tokyo, the dollar sank to a low of 110.10 yen Wednesday, but was well supported there, they said.
"The dollar requires more time to gather energy to test its upper limit again," said Nobuki Kawashima, a dealer at Daiwa Bank.
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|Comment:||Dollar marginally lower against yen in Tokyo.|
|Publication:||Japan Weekly Monitor|
|Article Type:||Brief Article|
|Date:||Feb 28, 2000|
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