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News flash:
(COMTEX) B: Dollar hovers around 140 yen line in Tokyo
B: Dollar hovers around 140 yen line in Tokyo
TOKYO, July 7 (Kyodo) -- The U.S. dollar moved up over the 140 yen line
Tuesday morning in Tokyo, but soon fell back on profit-taking.
At noon, the dollar was quoted at 139.83-86 yen, up from 139.73-76 yen
at 9 a.m., but down from 140.05-15 yen late Monday in New York. During
the morning in Tokyo, the U.S. currency moved between 139.50 yen and
140.14 yen.
Dealers said foreign exchange deals lacked luster during the morning,
but the bias was to push the dollar higher in light of Japan's
confusing stance on enacting permanent tax cuts to spur domestic
demand.
Ahead of Sunday's House of Councillors election in Japan, the dollar
has been moving back and forth, depending on the political rhetoric
about improving the economic situation, dealers said.
''The market is confused over what Japan intends to do,'' said Eiji
Takane of Asahi Bank.
The confusion is over whether Japan intends to cut taxes on a permanent
basis and what kinds of revision are being planned for the tax system,
dealers said.
During the morning, the dollar was pushed over the 140 yen line after
Finance Minister Hikaru Matsunaga confirmed that Prime Minister Ryutaro
Hashimoto has not pledged permanent tax cuts, dealers said.
Matsunaga said the prime minister seeks revising the tax system to make
it fairer and more transparent.
This came as Foreign Minister Keizo Obuchi retracted a remark of his
last Saturday that Japan will cut taxes on a permanent basis.
''I hadn't checked with the prime minister and it was a misstatement,''
Obuchi reportedly said Tuesday.
Dealers said there is still a feeling that Japan will announce concrete
economy-stimulating measures before Hashimoto visits the United States
later in the month.
''I think the basic market sentiment is that the government will at
some point cut taxes on a permanent basis, which is leading to cautious
support of the yen,'' a dealer at a trust bank said.
Dealers said that market players are likely to refrain from aggressive
yen-dollar deals ahead of the upper house election, because it appears
unlikely that any politically sensitive issues will be resolved before
then.
The dollar was quoted at 1.8115-8118 German marks at noon in Tokyo,
almost even with the 1.8105-8115 marks seen late Monday in New York.
The mark was quoted at 77.15-25 yen at noon in Tokyo, down from
77.42-52 yen late Monday in Tokyo.
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*** end of story ***
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