Business / Financial Markets | CURRENCY MARKET

Dollar firmer above ¥113.20 in late Tokyo trading

JIJI

The dollar was stronger above ¥113.20 in Tokyo trading late Monday, helped partly by a rise in Japanese share prices.

At 5 p.m., the dollar stood at ¥113.23-23, up from ¥113.01-02 at the same time Thursday. The Tokyo currency market was closed Friday for a national holiday.

The euro was at $1.1361-1362, down from $1.1400-1400, and at ¥128.63-69, down slightly from ¥128.85-85.

The dollar was driven higher by purchases from Japanese importers and buybacks inspired by a rise in the Nikkei 225 average, traders said.

The U.S. currency also attracted “short-covering buying from nonresidents as it did not fall below levels around ¥112.65, a recent low marked late last week,” an official of a foreign exchange margin trading service firm said.

“The dollar’s rise also came as uncertainty about Britain’s exit from the European Union receded after EU leaders approved an agreement on the country’s withdrawal,” an official of another foreign exchange margin trading service firm said.

Currency market players’ attention has already shifted to a summit between U.S. President Donald Trump and Chinese President Xi Jinping later this week as the world’s two largest economies have been locked in a battle over trade, traders said.

“It is difficult for currency market players to trade actively until the result of the summit is known,” an official at a major Japanese bank said.