Business / Financial Markets | CURRENCY MARKET

Dollar supported by higher Tokyo stocks, firmer around ¥112.50


The dollar was firmer around ¥112.50 in late Tokyo trading Wednesday, supported by higher Tokyo stocks.

At 5 p.m., the dollar stood at ¥112.50-50, up from ¥112.32-32 at the same time Tuesday. The euro was at $1.1429-1429, down from $1.1467-1468, and at ¥128.58-59, down from ¥128.80-81.

After moving around ¥112.40 in early trading, the dollar climbed above ¥112.50 in midmorning trading after Chinese stocks opened higher.

The greenback rose near ¥112.60 in the afternoon as the benchmark Nikkei stock average gained steam in line with a further rise in Chinese stocks.

The dollar rose as “concerns over further falls in stock prices were dispelled,” a think tank official said.

A currency market broker said the greenback was also supported by media reports that U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks at the end of next month.