Dollar firm against yen in Tokyo morning trade

Published November 20th, 2000 - 02:00 GMT

The dollar traded higher against the yen in Tokyo Monday morning, as investors grew wary of political turmoil in Japan, a dealer said. 

 

The dollar traded at 109.01 yen around 12:00 pm (0300 GMT) in Tokyo Monday, barely moved from 109.02 yen in New York but up from 108.77-80 yen in Tokyo late Friday. 

 

The yen came under selling pressure against the dollar as opposition parties vowed to submit a no-confidence motion later in the day to the parliamentary lower house against Prime Minister Yoshiro Mori. 

 

"The uncertain political situation has sent players to sell the yen since the market opening," said Kiyoshi Kuzuhara, a dealer at Bank of Tokyo-Mitsubishi. 

 

"There are some moves by exporters to buy the yen and sell the dollar," he said. "But the market is being sensitive to the current political outlook in Japan, which is uncertain at best." 

 

The euro was quoted at $0.8491 around 12:00 pm (0300 GMT), up from $0.8479 in New York but down from $0.8557-60 in Tokyo late Friday. 

 

The euro was at 92.55 yen around 12:00 pm (0300 GMT), compared with 92.26 in New York and 93.04 in Tokyo Friday afternoon.— (AFP)  

 

© Agence France Presse 2000  

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