Dollar Firms After Troubled Opening
TOKYO (AP) _ The dollar rose slightly in light trading after opening lower against the Japanese yen in Tokyo on Tuesday, while stock prices continued a downward slide.
The dollar opened at 128.85 yen and then edged up to close at 129.07 yen, down 0.23 yen from Monday’s close of 129.30 yen.
On the Tokyo Stock Exchange, the 225-share Nikkei Stock Average, which shed 19.59 points Monday, declined a further 109.33 points to end the day at 23,662.27.
″The dollar market seems quiet but stable, with the currency trading in a narrow range,″ said Masaharu Takenaka of the Bank of Tokyo.
The foreign exchange dealer said many sellers were waiting for the dollar to hit the 130-yen mark, and exporters had little reason to sell off the currency at this time.
Investors on the Tokyo Stock Exchange are reportedly waiting on the sidelines until U.S. officials release December’s trade figures at the end of the week, traders said.
″If I was an investor, I wouldn’t be doing anything,″ said one trader who pointed out market participants were concerned about negative trade figures affecting the market.