TOKYO, Nov. 5, 2009 (Kyodo News International) -- The U.S. dollar fell to the lower 90 yen level Thursday in Tokyo on selling by Japanese exporters, while the euro was sold for position adjustment ahead of the outcome of policy meetings at central banks in Europe.
At 5 p.m., the dollar fetched 90.40-43 yen, down from 90.69-79 yen in New York and 90.55-56 yen in Tokyo at 5 p.m. Wednesday.
It moved between 90.30 yen and 90.86 yen, trading most frequently at 90.47 yen.
The euro traded at $1.4825-4828 and 134.05-09 yen against $1.4856-4866 and 134.79-89 yen in New York and $1.4745-4746 and 133.52-56 yen in Tokyo late Wednesday.
The dollar was pressured against the yen throughout the day in Tokyo as Japanese exporters sold the U.S. unit after the currency briefly rose to the lower 91 yen zone in New York overnight, dealers said.
The euro weakened against the yen and the dollar as market participants refrained from actively trading the European currency ahead of policy decisions by the Bank of England and the European Central Bank later in the day, dealers said.
''While there is unlikely to be a major change in the ECB policy, the market is focused on whether the BOE will expand its quantitative easing policy and the amount of asset purchases if it makes such a decision,'' said Yuki Sakasai, foreign exchange strategist at Barclays Bank.
''Moves in the currency market have been directionless this week with investors facing difficulties in taking positions due to a series of major events,'' Sakasai said.
Meanwhile, the dollar is expected to remain under pressure against higher-yielding currencies after the U.S. Federal Reserve reiterated Wednesday its pledge to keep rates low for an ''extended period'' to support an economic recovery, analysts said.
Although many investors in the currency market had anticipated that the Fed statement would include the phrase ''extended period,'' it helped reaffirm that a low-interest-rate policy in the United States will remain in place for a while, said Hideki Hayashi, global economist at Mizuho Securities Co.
''The current trend to sell the dollar for higher-yielding currencies and commodities is expected to remain intact,'' Hayashi said.
