Tokyo: The dollar failed to maintain early gains to hover around 141.45 yen in Tokyo trading Monday.

At 5 p.m., the dollar stood at 141.42-42 yen, up from 141.36-37 yen at the same time Friday. The euro was at 1.1081-1081 dollars, down from 1.1127-1127 dollars, and at 156.70-72 yen, down from 157.30-32 yen.

The dollar traded in the vicinity of 141.70 yen early in the morning following its rise close to 142 yen over the weekend on media reports that the Bank of Japan will leave its easing policy intact at its meeting this week.

But selling to trim net long dollar positions pushed the greenback below 141.40 yen in late morning trading. Thereafter, it moved in a narrow band around 141.45 yen except for a dip in late hours on falling U.S. interest rates in premarket trading.

The dollar’s failure to breach the 142.00-yen threshold due to an array of sell orders in overseas trading Friday prompted selling of the U.S. unit in Tokyo, an official at a foreign exchange margin trading service firm said.

“Ahead of monetary policy meetings in Japan, the United States and Europe later this week, dollar-yen players are likely to remain inactive,” the official added.

JIJI Press