Business / Financial Markets | CURRENCY MARKET

Dollar rises above ¥107.20 in Tokyo

JIJI

The dollar firmed above ¥107.20 after searching for direction in Tokyo trading Wednesday.

At 5 p.m., the dollar stood at ¥107.21-21, up from ¥107.15-16 at the same time Tuesday. The euro was at $1.0978-0978, down from $1.0979-0979, and at ¥117.69-76, up from ¥117.65-65.

The dollar fell below ¥107 in the morning, with buying sentiment chilled by U.S. moves to impose sanctions on Chinese firms and officials implicated in human rights violations against the Uighur ethnic minority ahead of trade negotiations between the United States and China starting in Washington on Thursday, traders said.

After rebounding on real demand-backed buying by Japanese importers, the dollar repeated minor fluctuations. In late afternoon trading, the greenback rose back above ¥107.20.

The dollar would be confined in a tight range between ¥106.40 and ¥107.40 at least until the start of the U.S.-China talks, according to market sources.

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