The dollar was slightly weaker below ¥112.30 in Tokyo trading late Thursday, hit by selling to lock in profits. At 5 p.m. the dollar stood at ¥112.21-21, down from ¥112.32-32 at the same time on Wednesday. The euro was at $1.1697-1697, down from $1.1700-1700, and at ¥131.26-27, down from ¥131.41-42. In the early afternoon, the U.S. currency rose above ¥112.20 in line with a rise in the benchmark Nikkei 225 average. The dollar fell below ¥112.10 after news broke around 2 p.m. that Prime Minister Shinzo Abe won a party election to continue leading the ruling Liberal Democratic Party, but the greenback soon recovered above ¥112.10.
The dollar was above ¥111 in Tokyo trading late Monday, amid a closely watched policy decision by the Bank of Japan at a two-day meeting through Tuesday. At 5 p.m., the dollar stood at ¥111.02. The euro was at $1.1668, up from $1.1646, and at ¥129.56, up from ¥129.30. In the early morning, the dollar dropped from around ¥111 to below ¥110.90. After recovering to levels above ¥111 thanks to dollar-buying for settlement purposes in midmorning trading, the U.S. currency gained further ground, rising above ¥111.10
Shun Sakurai, former vice minister of internal affairs and communications, said Friday that he will refuse once again if the ruling Liberal Democratic Party asks him to run for Tokyo governor. The LDP's Tokyo chapter believes he would make a strong candidate for the July 31 election. Since Sakurai looks unlikely to change his mind, however, the party will need to start looking for another candidate. Potential candidates include former Defense Minister Yuriko Koike, who just announced her intention to run without the party's blessing, and former Internal Affairs and Communications Minister Hiroya Masuda, who is well-versed in local administration. Former Tokyo Gov. Yoichi Masuzoe resigned in June for inappropriate use of political funds.
The dollar was firmer around ¥113.40 in Tokyo trading late Wednesday, as investors retreated to the sidelines to see the U.S. consumer price index for November, due out later in the day. At 5 p.m., the dollar stood at ¥113.40-40, up from ¥113.11-11 at the same time on Tuesday. The euro was at $1.1324-1324, down from $1.1369-1370, and at ¥128.41-42, down from ¥128.60-61. After moving around ¥113.40 in early trading, the dollar rose to around ¥113.50 in midmorning trading as the benchmark 225-issue Nikkei stock average accelerated its upswing after a strong start. With its topside heavy around ¥113.50, the dollar mostly moved in a tight range above ¥113.40 in the afternoon amid a wait-and-see mood, traders said.