Business / Financial Markets | CURRENCY MARKET

Dollar weaker around ¥112.20 in late Tokyo trades


The dollar was weaker around ¥112.20 in Tokyo trading late Thursday as a global stock sell-off dented risk appetite among market traders.

At 5 p.m., the dollar stood at ¥112.22, down from ¥113.07 at the same time Wednesday. The euro was at $1.1540, up from $1.1491, and at ¥129.51, down from ¥129.94-¥130.01.

The dollar briefly fell below ¥112 as the Japanese currency was actively hunted due to a slide in U.S., Japanese and Chinese stocks.

An asset management firm official said that the dollar “selling on lower stock prices has run its course” and that the currency’s downside is “solid below ¥113.”

The dollar was “relatively solid, considering a brief decline of as much as over 1,000 points in Japan’s Nikkei stock average,” an official at a foreign exchange brokerage house said.

In the late hours, the dollar drew repurchases on a rise in U.S. long-term interest rates in off-hours trading, dealers said.

But an official of a major securities firm said that the dollar “may fall again (versus the yen) in European trading hours once (dollar) repurchases around ¥112 run their course.”