LONDON: The dollar traded in the upper 120-yen zone Friday morning in Tokyo, with the resilience of Tokyo stocks that pared earlier losses sustaining traders’ risk appetite.
At noon, the dollar fetched 120.81-82 yen compared with 120.56-66 yen in New York and 120.87-89 yen in Tokyo at 5 p.m. Thursday.
The euro was quoted at $1.1281-1282 and 136.29-30 yen against $1.1276-1286 and 136.02-12 yen in New York and $1.1190-1192 and 135.26-30 yen in Tokyo late Thursday afternoon.
The U.S. unit edged up from the mid-120 yen range early in the morning toward the 121 yen line after market players saw the 225-issue Nikkei Stock Average trim its losses.
The dollar also held steady against the yen on speculation of the Bank of Japan’s additional monetary easing after a Liberal Democratic Party lawmaker said the previous day that the BOJ could ease again next month (at its Oct. 30 policy meeting), Daisaku Ueno, chief foreign exchange strategist at Mitsubishi UFJ Morgan Stanley Securities Co., said.
