TOKYO , Jan. 6 -- ( Kyodo ) _ The U.S. dollar dropped to the lower 104 yen zone in Tokyo morning trading as market players locked in gains after the New Year holidays. At noon, the dollar fetched 104.30-31 yen compared with 104.81-91 yen in New York at 5 p.m. Friday . The Tokyo market was closed Friday for the New Year holidays. The euro was quoted at $1.3584-3588 and 141.69-72 yen against $1.3585-3595 and 142.47-57 yen in New York late Friday afternoon. The U.S. dollar dropped against the yen on Tokyo's first day of trading in 2014 as market participants sought gains from the U.S. currency's rise during the New Year holidays. The dollar reached a five-year high of 105.45 yen in London trading on Thursday. The Japanese currency, considered a relatively safe asset, was also bought as a sharp drop in Tokyo stocks in the morning cast a risk-off mood over market players, said Yuzo Sakai , manager of foreign exchange business promotion at Tokyo Forex & Ueda Harlow . "Another thing weighing on people's minds is China ," Sakai said. A slew of recent lackluster economic indicators in the country, including HSBC's services purchasing managers' index for December dropping to 50.9 from 52.5, "are drawing risk-averse yen buying," he said. The euro was steady against the dollar after a declining trend since Thursday that brought it back from gains stemming from year-end repatriation of foreign currencies into the common European currency, Sakai said.
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- Vybz Kartel Convicted of Murder
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Stocks Close Lower Ahead of Crimea Vote
- U.S. Consumer Sentiment Falls in Early March