The dollar rose to around ¥107.50 in Tokyo trading Thursday in response to a favorable media report concerning U.S.-China trade relations.
At 5 p.m., the dollar stood at ¥107.40, up from ¥107.21 at the same time Wednesday. The euro was at $1.1016, up from $1.0978, and at ¥118.32-33, up from ¥117.69-76.
The dollar fell to levels close to ¥107 in the early morning following a media report that the United States and China made no progress on key trade issues during a two-day deputy-level meeting held in the run-up to ministerial talks starting in Washington from Thursday, traders said.
But the greenback rose back above ¥107.70 in midmorning, after a news report about a currency deal between the two countries hit the market, traders said.
Later, the dollar eased and got stuck in a tight range around ¥107.50.
“At a time when the dollar-yen pair is swayed by media reports on the U.S.-China trade front, investors are hoping to have clear trading cues,” said an official at a foreign-affiliated securities firm.
“We can’t move until Washington and Beijing make official comments,” an asset manager said.