Business / Financial Markets | CURRENCY MARKET

Dollar tops ¥111.40 in Tokyo on buying by importers


The dollar rose to around ¥111.40 in Tokyo trading Friday, thanks to buying by Japanese importers and position adjustments ahead of the weekend.

At 5 p.m., the dollar stood at ¥111.39-40, up from ¥110.80-80 at the same time on Thursday. The euro was at $1.1556-1557, down from $1.1567-1568, and at ¥128.74-75, up from ¥128.17-17.

After hovering around ¥111.20 in early trading, the dollar topped ¥111.40 toward midmorning, pushed up by buying by export-oriented Japanese firms for settlement purposes, traders said.

The dollar crept further up in the early afternoon while resisting selling. But the U.S. currency came under heavier selling pressure when it approached ¥111.50, they said.

The dollar was supported by speculation that U.S. Federal Reserve Chairman Jerome Powell would take a more hawkish stance in his speech later Friday, a currency broker said.

The speculation emerged following a remark by Kansas City Fed President Esther George expressing her support for two more interest rate hikes by the U.S. central bank later this year, the broker noted.