News Column

Dollar holds in lower 104 yen in morning ahead of BOJ decision

January 21, 2014

TOKYO , Jan. 22 -- ( Kyodo ) _ The U.S. dollar hovered in the lower 104 yen range in Wednesday morning trading in Tokyo , as traders awaited the outcome of the Bank of Japan's policy meeting. At noon, the dollar fetched 104.37-39 yen compared with 104.25-35 yen in New York and 104.67-68 yen in Tokyo at 5 p.m. Tuesday . The euro was quoted at $1.3569 and 141.63-68 yen against $1.3556-3566 and 141.39-49 yen in New York and $1.3546-3548 and 141.79-83 yen in Tokyo late Tuesday afternoon. The dollar was steady against the yen in the morning, having fallen overnight in New York . Trading was thin in Tokyo as participants waited on the results of the BOJ meeting, as well as the content of Prime Minister Shinzo Abe's planned keynote speech at the World Economic Forum in Davos, Switzerland , said Yuzo Sakai , manager of foreign exchange business promotion at Tokyo Forex & Ueda Harlow . "Amid this wait-and-see mood, the dollar-yen and euro-yen pairs are easily influenced by the movements of the stock market, and it is unlikely the dollar will drop significantly against the yen with stocks remaining firm," Sakai said. A surprisingly favorable Australian consumer price index, released in the morning, slightly stoked risk appetite, but its effects on the yen's weakening were limited as traders hesitated to make major moves.

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Source: Japan Economic Newswire

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