Business / Financial Markets | CURRENCY MARKET

Dollar weaker around ¥112.40 in late Tokyo trading

JIJI

The dollar was weaker around ¥112.40 in Tokyo trading late Friday, after regaining some lost ground in line with higher Chinese stocks.

At 5 p.m., the dollar stood at ¥112.43-43, down from ¥112.62-62 at the same time on Thursday. The euro was at $1.1446-1446, down from $1.1513-1513, and at ¥128.70-70, down from ¥129.67-67.

After moving around ¥112.20 in early trading, the dollar rose to levels about ¥112.40 around noon as the benchmark 225-issue Nikkei average cut early losses after a sharply weak start.

The greenback briefly topped ¥112.50 in the afternoon after an upturn in Chinese stocks.

The dollar moved in a narrow range in late trading.

“Dollar buying slightly grew thanks to a rally in Chinese stocks, after their plunge the previous day made investors risk-averse,” a Japanese bank official said.

The dollar-yen rate moved rather directionlessly, affected by unstable U.S. and Japanese stock movements, an official of an asset management firm said.

Investors refrained from active trading in late hours ahead of the weekend, a currency broker said.