Tokyo, Oct. 24 (Jiji Press)–The dollar was range-bound around 109.50 yen in Tokyo Friday morning, following its narrow movements in overnight trading abroad.
At noon, the dollar stood at 109.62-64 yen, up from 109.48-51 yen at 5 p.m. Thursday, after moving between 109.30 yen and 109.65 yen.
At the same time, the euro stood at 1.1818-1.1820 dollars, down from 1.1823-1825 dollars late Thursday.
Market players refrained from active trading as Japanese and U.S. stocks have both entered a correction phase, traders said.
U.S. hedge funds, which have been selling Japanese stocks to take profits, are selling yen for dollars, a dealer said.
A Japanese bank official said that buying of the yen was also held in check due to a market caution over the recent quick advance in Japanese stocks.
