Yen weak in upper 148 range vs. dollar ahead of Fed's policy meeting

The yen remained weak in the upper 148 range against the U.S. dollar early Tuesday in Tokyo amid prospects of further aggressive interest rate hikes by the U.S. Federal Reserve ahead of its policy meeting starting later in the day.

At 9 a.m., the dollar fetched 148.72-75 yen compared with 148.70-80 yen in New York and 148.00-02 yen in Tokyo at 5 p.m. Monday.

The euro was quoted at $0.9884-9888 and 147.00-07 yen against $0.9875-9885 and 146.95-147.05 yen in New York and $0.9928-9930 and 146.94-98 yen in Tokyo late Monday afternoon.

Tokyo stocks opened slightly higher, with market participants taking to the sidelines ahead of the Fed's policy meeting.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 31.80 points, or 0.12 percent, from Monday to 27,619.26. The broader Topix index was up 7.62 points, or 0.39 percent, at 1,937.05.

On the top-tier Prime Market, gainers were led by wholesale trade, food and air transportation issues.

© Kyodo News