Business / Financial Markets | CURRENCY MARKET

Dollar firms to above ¥114.10 in Tokyo

JIJI

The dollar topped ¥114.10 in Tokyo trading Monday, thanks to spillover effects of the U.S. currency’s firming against the euro.

At 5 p.m., the dollar stood at ¥114.16-16, up from ¥113.84-85 at the same time Friday. The euro was at $1.1259-1263, down from $1.1336-1337, and at ¥128.55-55, down from ¥129.06-06.

The dollar rose above ¥113.80 in early trading after moving around ¥113.70. The greenback crept up later in the morning despite the Nikkei 225 average’s weak start. It was buoyed around ¥114.00 by noon.

“Risk-averse selling did not gain strength,” an official at a foreign exchange margin trading service firm said.

After moving narrowly, the dollar rose around ¥114.20 in late afternoon trading.

Increasingly concerned about the Italian budget and Brexit issues, players “stepped up euro selling to buy dollars,” a Japanese bank official said.

“The dollar has been bought back since the U.S. midterm elections,” a major life insurance firm official pointed out.