Business / Financial Markets | CURRENCY MARKET

Dollar little changed, closes around ¥109.70 in late Tokyo trading

JIJI

The dollar was almost unchanged around ¥109.70 in Tokyo trading late Friday after cutting earlier gains.

At 5 p.m., the dollar stood at ¥109.75-76, slightly up from ¥109.71-75 at the same time Thursday. The euro was at $1.1323-1323, down from $1.1367-1368, and at ¥124.28-28, down from ¥124.74-74.

After moving around ¥109.50-60 in early trading, the dollar firmed above ¥109.70 later in the morning thanks to the 225-issue Nikkei average’s advance and buying by Japanese importers, traders said.

In afternoon trading, the greenback gained further ground and climbed above ¥109.80, backed by a rise in long-term U.S. interest rates in off-hours trading and firm stock prices elsewhere in Asia, traders said. But it fell below the threshold in late hours due to a wait-and-see mood ahead of the weekend.

A foreign exchange broker said the dollar “had no momentum to test its upside at ¥110” as market players retreated to the sidelines to see closely watched events next week.

They include a vote on an alternative plan for Britain’s exit from the European Union proposed by British Prime Minister Theresa May and ministerial-level trade talks between the United States and China.