Business / Financial Markets | CURRENCY MARKET

Dollar tops ¥107.30 in Tokyo trading


The dollar rose above ¥107.30 in Tokyo trading Tuesday amid a continued risk-on sentiment.

At 5 p.m., the dollar stood at ¥107.32-32, up from ¥106.96-96 at the same time Monday. The euro was at $1.1045-1045, up from $1.1031-1031, and at ¥118.53-54, up from ¥117.99-99.

Carrying over its strength during overseas hours reflecting growing optimism over U.S.-China trade negotiations and a rise in U.S. long-term interest rates, the dollar traded mostly above ¥107.20 in the early morning.

After a vigorous opening on the Tokyo Stock Exchange, the greenback jumped close to ¥107.50. Brisk demand from Japanese importers contributed to the brief surge, traders said.

But the U.S. currency bowed to increased selling pressure from profit-takers in late afternoon trading after hovering around ¥107.40.

“The dollar-yen pair has entered a buyback phase,” an official at a foreign exchange margin trading service firm said. “Investors were sick and tired of dealing with dollar-negative news.”

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