Business / Financial Markets | CURRENCY MARKET

Dollar firmer above ¥108.90 in late Tokyo trading

JIJI

The dollar was firmer around ¥108.90 in Tokyo trading late Friday, after moving in a tight range amid a wait-and-see mood ahead of the weekend.

At 5 p.m., the dollar stood at ¥108.93-94, up from ¥108.72-72 at the same time on Thursday. The euro was at $1.1446-1447, down from $1.1497-1497, and at ¥124.69-69, down from ¥125.03-03.

After trading around ¥108.80-90 in early trading, the dollar rose above ¥108.90 as the benchmark 225-issue Nikkei stock average moved on a firm note.

The greenback dropped below ¥108.80 in midmorning trading, pressured by a drop in the Nikkei and weak readings of the Chinese manufacturing industry purchasing managers’ index for January, traders said.

The dollar resurfaced above ¥108.90 around noon on the back of strong stock performances in other parts of Asia.

The U.S. currency moved mostly around ¥108.80-90 in the afternoon, as selling on rallies weighed on the dollar’s upside. It briefly rose to near ¥109 thanks to late purchases.

“Dollar-selling orders were lined up around the ¥109 level,” a currency broker said.

“The dollar’s topside was very heavy versus the yen after the dollar failed to remain above ¥109 the previous day,” the broker said.

Some investors refrained from active trading ahead of the release of the U.S. government’s jobs data for January later on Friday, an official of a Japanese bank said.

U.S.-China ministerial-level trade talks ended in Washington on Thursday. While no specific progress was made in the talks, hopes for an early settlement supported the dollar’s downside, a bank official said.