LONDON: The U.S. dollar eased somewhat to the lower 120 yen zone Monday morning in Tokyo as it moved in tandem with sluggish Tokyo stocks, which dented traders’ risk appetite.
At noon, the dollar fetched 120.31-32 yen compared with 120.56-66 yen in New York and 120.70-72 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.1200-1200 and 134.74-75 yen against $1.1195-1205 and 134.99-135.09 yen in New York and $1.1126-1128 and 134.29-33 yen in Tokyo late Friday afternoon.
After trading at the mid-120 yen level early in the morning, the dollar slipped close to 120.20 yen as the 225-issue Nikkei Stock Average opened lower, at one point shedding almost 300 points on market players’ wariness about global growth, dealers said.
Weak Shanghai stocks that fluctuated in negative territory in the morning session also weighed on the dollar-yen pair, Minori Uchida, head of Tokyo global market research at the Bank of Tokyo-Mitsubishi UFJ, said.
