Business / Financial Markets | CURRENCY MARKET

Dollar rises to around ¥110 in Tokyo

JIJI

The dollar rebounded to around ¥110 in Tokyo trading Friday, helped by a jump in Tokyo stock prices.

At 5 p.m., the dollar stood at ¥109.72, up from ¥109.45 at the same time Thursday. The euro was at $1.1177, down from $1.1208, and at ¥122.64, down from ¥122.68.

The Tokyo stock market’s rebound pushed the dollar above ¥110 for the first time since May 10.

The dollar took a downturn in midmorning trading following a Chinese state media report that Beijing is little interested in resuming ministerial-level trade talks with Washington for now.

After slipping through ¥109.60, however, the greenback showed resilience.

“The drop below the threshold prompted repurchases,” a Japanese bank official said.

“Some investors moved to buy back the dollar in view of the Chinese yuan’s fall,” another bank official said.