TOKYO: The dollar was mixed Friday as US debt worries pressured the currency, while support for the greenback came as some investors sold the euro to lock in profit before the Easter holiday.
The dollar stood at 81.68 yen, slightly off from 81.85 yen in New York Thursday. The euro bought $1.4546 and 118.96 yen against $1.4550 and 119.11 yen in New York.
Thin trading was expected in Asia, as Western dealers kept their hands off the market ahead of the Easter weekend, with a series of public holidays in many countries but not in Japan.
Lingering concerns about US debt weighed on markets, while position adjustment ahead of the holiday slightly lifted the yen, said a senior trader at a major Japanese bank.
"We assume the dollar's downside adjustments over the past several days are mostly completed and quite trading can be expected in Tokyo because (most) other major financial markets in Asia are closed for the holiday," he said.
Meanwhile, the Japanese finance minister reiterated his resolve to ensure fiscal discipline after the government approved a four-trillion yen ($49 billion) extra budget for reconstruction after the March 11 earthquake.
"I would like to take measures, keeping in mind that (international organisations and markets) are watching us on the issue of fiscal reform," Noda told reporters.
The Organization for Economic Cooperation and Development Thursday called on Japan to raise consumption tax to cut the nation's debt, which stands at nearly 200 percent of Japan's economy.
Comments
Comments are closed for this article.