News Column

Dollar stays in lower 105 yen zone in early Tokyo deals

September 2, 2014

The U.S. dollar traded in the lower 105 yen range in Tokyo early Wednesday, holding onto most of its gains made overseas overnight on rises in U.S. Treasury yields and speculation about Japanese pension fund reform.

At 9 a.m., the dollar fetched 105.24-33 yen compared with 105.05-15 yen in New York and 104.83-85 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.3130-3131 and 138.18-20 yen against $1.3128-3138 and 137.95-138.05 yen in New York and $1.3126-3127 and 137.60-64 yen in Tokyo late Tuesday afternoon.

In New York on Tuesday, the dollar climbed to 105.22 yen at one point, its highest level in about eight months, amid speculation that Japanese Prime Minister Shinzo Abe will appoint a reform-minded welfare minister.

The likely appointment is seen by market players as indicating greater investment in overseas assets by the Government Pension Investment Fund, a large public pension reserve fund overseen by the welfare ministry.

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Source: Japan Economic Newswire

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