The dollar rose above ¥106.80 on buybacks in Tokyo trading Monday.
At 5 p.m., the dollar stood at ¥106.84-84, up from ¥106.76-77 at the same time Friday. The euro was at $1.0972-0972, up from $1.0971-0971, and at ¥117.23-24, up from ¥117.14-15.
The dollar fell below ¥106.60 in the early morning after Bloomberg reported that China is increasingly reluctant to agree to a broad trade deal with the United States ahead of trade talks scheduled to start Thursday, market sources said.
“But investors moved to buy back the U.S. currency, heartened by its resistance to fall below ¥106.50,” said an official at a foreign exchange margin trading service firm.
The dollar-yen pair turned almost static at around ¥106.80 in the afternoon, reflecting a growing wait-and-see mood ahead of the trade talks, market sources said.