News Column

Dollar stays in lower 101 yen zone ahead of BOJ chief's remarks

May 20, 2014



The U.S. dollar stayed in the lower 101 yen zone Wednesday morning in Tokyo ahead of a press conference by the Bank of Japan chief later in the day following its two-day policy meeting.

At noon, the dollar fetched 101.24-33 yen compared with 101.27-37 yen in New York and 101.38-40 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.3703 and 138.71-74 yen against $1.3696-3706 and 138.80-90 yen in New York and $1.3695-3696 and 138.84-88 yen in Tokyo late Tuesday afternoon.

The dollar moved in a tight range in Tokyo morning trading as a wait-and-see mood prevailed ahead of remarks by BOJ Governor Haruhiko Kuroda for trading cues.

The BOJ decided, as widely expected, to keep intact its current ultraloose monetary policy and left unchanged its assessment of the domestic economy as recovering "moderately" in the meeting which ended shortly before noon.

"Mr. Kuroda has brushed aside intensified expectations of further monetary stimulus in recent press conferences. Market players' focus is what his stance is like this time," said Shinichiro Kadota, foreign exchange strategist at Barclays Bank.

He is unlikely to make detailed remarks about the possibility of fresh easing steps, Kadota added.

Earlier in the morning session, the Japanese government said its trade deficit stood at 808.9 billion yen in April, marking the first shrinking in 20 months, but the market reaction was limited, dealers said.



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Source: Japan Economic Newswire


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