Business / Financial Markets | CURRENCY MARKET

Dollar firmer around ¥109.50 in late Tokyo trading


The dollar was slightly firmer around ¥109.50 in late Tokyo trading on Monday, supported by a rise in Japanese stock prices.

At 5 p.m. the dollar stood at ¥109.50-51, up from ¥109.33-33 at the same time Friday. The euro was at $1.1978-1979, up from $1.1908-1908, and at ¥131.15-20, up from ¥130.19-20.

After moving aimlessly around ¥109.30 in morning trading amid a dearth of fresh incentives, the dollar attracted purchases in the afternoon as the benchmark 225-issue Nikkei stock average expanded its gains, traders said.

The greenback’s afternoon strength also reflected buying inspired by “a slight rise” in long-term U.S. Treasury bond yields in off-hours trading, a foreign exchange brokerage official said, while noting that dollar-yen trading was “range-bound basically.”

An official at a major Japanese bank said that “a wait-and-see mood will continue” until Tuesday’s announcement of U.S. retail sales data for April.