The
U.S.
dollar was stuck in the upper
117 yen zone Tuesday morning in
Tokyo
, with its upside heavy as falls in oil and stock prices triggered by continuing worries about
China's
economic slowdown suppressed currency traders' risk appetite.
At noon, the dollar fetched 117.58-59 yen compared with 117.70-80 yen in
New York
at 5 p.m. Monday. Japanese financial markets were closed Monday for a national holiday.
The euro was quoted at $1.0878-0878 and 127.89-90 yen against $1.0854-0864 and 127.74-84 yen in
New York
late Monday afternoon.
The dollar remained soft as jitters over tumbling oil prices and falling
Tokyo
stocks continued to hurt traders' risk appetite and supported demand for the yen due to its safe-haven status, dealers said.
"A risk-off mood triggered by concerns about
China
still continues this week," said
Yuzo Sakai, manager of foreign exchange business promotion at Tokyo Forex &
Ueda Harlow.
"In the current stage, currency players are paying more attention to whether
China's
woes can be eased than to the
U.S.
economy," added Sakai, who also pointed to positive
U.S.
economic data released last Friday.
In the
Tokyo
morning session, Japanese stocks succumbed to heavy selling, with the 225-issue Nikkei Stock Average down more than 2 percent following a record five-day new year losing streak, and crude oil futures hitting a 12-year low overnight in
New York
.
The euro traded narrowly against the dollar and the yen.
==Kyodo
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Source: Equities.com News
(January 11, 2016 - 12:55 PM EST)
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