President Barack Obama Asia Tour 2014 Dollar holds steady
The dollar held steady against the yen in Asia on Wednesday, with traders looking for developments in US-Japan free trade talks as President Barack Obama starts an Asian tour.
In Tokyo midday trade, the greenback changed hands at 102.57, a touch down from 102.60 yen in New York Tuesday afternoon, while the euro bought $1.3809 and 141.66 yen, against $1.3804 and 141.65 yen.
Akira Moroga, manager of forex product group of Aozora Bank, said with Obama due in Tokyo later Wednesday investors will be keeping an eye on signs of progress in the vast Trans-Pacific Partnership (TPP) trade pact.
Work on the deal has stalled recently, with Washington and Tokyo at loggerheads over tariffs on Japanese agricultural products. Any signs of progress could help boost the Nikkei and stoke yen selling, Moroga said.
Also on Wednesday, Bank of Japan governor Haruhiko Kuroda repeated his view that there was no imminent need to expand its stimulus programme to reach an inflation target of 2.0 percent next year.