Business / Financial Markets | CURRENCY MARKET

Dollar rises above ¥109.70 in late Tokyo trading

JIJI

The dollar rose above ¥109.70 in Tokyo trading late Thursday, supported by buybacks.

At 5 p.m. the dollar stood at ¥109.74, up from ¥109.20 at the same time on Wednesday. The euro was at $1.1132, down from $1.1153, and at ¥122.17, up from ¥121.80.

The dollar moved above ¥109.50 in early trading, carrying over its strength in overnight trading overseas brought on by a rise in U.S. long-term interest rates.

After briefly falling below ¥109.50 in the morning, dampened by a weak start of the benchmark 225-issue Nikkei average, the dollar rebounded gradually in the afternoon, helped by repurchases on the back of a modest recovery in Tokyo stock prices, traders said.

The greenback rose above ¥109.70 in late trading.

“A recovery in U.S. long-term interest rates to around 2.27 percent in off-hours trading supported the dollar against the yen,” a think tank official said.

The currency market’s focus is shifting to China’s manufacturing industry purchasing managers index for May, due out on Friday, traders said.

An official at a foreign exchange margin trading service attributed the dollar’s rise to a lack of negative factors, saying the U.S. currency has not got back on an upward trend.

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