Dollar stays in lower 120 yen zone in thin Christmas trading
Tokyo-Japan (Dec 25) The U.S. dollar stayed in the lower 120 yen zone in subdued trading in Tokyo on Thursday morning, with many overseas market participants away for Christmas.
At noon, the dollar fetched 120.16-18 yen compared with 120.47-57 yen in New York and 120.41-43 yen in Tokyo at 5 p.m. Wednesday .
The euro was quoted at $1.2203-2209 and 146.62-74 yen against $1.2191-2201 and 146.80-90 yen in New York and $1.2187-2189 and 146.75-79 yen in Tokyo late Wednesday afternoon.
In the morning, the dollar fell slightly within the lower 120 yen range but remained firm overall amid thin trading due to Christmas, dealers said.
"It is unlikely that the dollar-yen pair will move as major financial markets all over the world, including Oceania , Asia , Europe and the United States , are closed," said Daisaku Ueno , chief foreign exchange strategist at Mitsubishi UFJ Morgan Stanley Securities Co.
Trading volume is not expected to increase until next week because participants in major markets will not be back until then except for U.S. markets, which will open on Friday, Ueno added.
The euro fell slightly against the yen in line with yen-buying against the dollar, while the common European currency remained directionless against the dollar, dealers said.