Business / Financial Markets | CURRENCY MARKET

Dollar tops ¥109.80 in Tokyo trading

JIJI

The dollar rose above ¥109.80 in Tokyo trading Monday, supported by higher stock prices and buying to adjust positions.

At 5 p.m., the dollar stood at ¥109.83, up from ¥108.93 at the same time on Friday. The euro was at $1.1442, down from 1.1446, and at ¥125.68, up from ¥124.69.

The dollar was hovering between ¥109.40 and ¥109.50 in the early morning. But the Nikkei stock average’s healthy advance lifted the U.S. currency close to ¥109.60, traders said.

Strong U.S. economic data released Friday as well as the solid stock market allowed investors to boost buying of the dollar by selling the safer yen, an official at a foreign exchange margin trading service firm said.

In the afternoon, the dollar topped ¥109.80, as many players moved to buy the greenback for position adjustment, traders said, adding that a rise in U.S. long-term interest rates in off-hours trading also facilitated dollar buying.