Business / Financial Markets | CURRENCY MARKET

Dollar firmer above ¥108.30 in late Tokyo trading

JIJI

The dollar was firmer above ¥108.30 in Tokyo trading late Friday after cutting early gains due to selling on a rally.

At 5 p.m., the dollar stood at ¥108.36-36, up from ¥108.05-09 at the same time on Thursday. The euro was at $1.1264-1265, down from $1.1274-1277, and at ¥122.08-08, up from ¥121.86-86.

The dollar rose to levels close to ¥108.60 in the early morning, carrying over its strength in overseas trading brought on by a rise in U.S. long-term interest rates following the release of a stronger-than-expected consumer price index, traders said.

The greenback gradually trimmed early gains and slipped below ¥108.40 later on the day, dragged down by selling on a rally, traders said.

Amid a lack of trading incentives, position-adjusting selling ahead of a three-day weekend also weighed on the dollar, traders said.

“Investors found it difficult to buy the dollar amid heightened market attention to a U.S. interest cut,” an official of an asset management company said.

A wait-and-see mood prevailed ahead of the three-day weekend, a Japanese bank official said. The Tokyo market will be closed on Monday for Marine Day.

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