Business / Financial Markets | CURRENCY MARKET

Dollar slightly firms to around ¥108 in Tokyo trading


The dollar edged up to around ¥108 in range-bound Tokyo trading Friday.

At 5 p.m., the dollar stood at ¥107.95-95, up from ¥107.88-93 at the same time Thursday. The euro was at $1.1093-1094, up from $1.1017-1017, and at ¥119.77-77, up from ¥118.88-89.

After the dollar rose above ¥108.20 in midmorning trading on buying by Japanese importers, selling to lock in profits took the upper hand, traders said.

The dollar-yen pair struggled for direction.

The dollar was supported by expectations for surprise easing by the Bank of Japan next week following the European Central Bank’s rate cut and resumption of quantitative easing, an official at a foreign exchange margin trading service firm said.

But sell orders were lining up at around ¥108.43, the median quotation so far this year, a currency broker pointed out.

Players refrained from active dollar buying before seeing how the euro would move later on Friday after its wild swings the previous day, another currency broker said.

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