Business / Financial Markets | CURRENCY MARKET

Dollar rises to around ¥108.80 in Tokyo trading

JIJI

The dollar rose to around ¥108.80 in Tokyo trading Tuesday amid growing hopes for progress in U.S.-China trade negotiations.

At 5 p.m., the dollar stood at ¥108.78-78, up from ¥107.96-96 at the same time on Friday. The euro was at $1.1136-1136, down from $1.1163-1163, and at ¥121.15-15, up from ¥120.52-52. The Tokyo market was closed Monday for a national holiday.

After surpassing ¥108.60 in overseas trading the previous day, the dollar kept firming in the Tokyo morning on the back of recent comments by U.S. President Donald Trump and his commerce chief suggesting that the United States and China are striving toward signing the so-called phase one trade deal.

The greenback gained further ground to top ¥108.80 in the afternoon in response to the Nikkei stock average’s continued surge.

Besides hopes for moves toward an end to the U.S.-China trade conflict, the stronger-than-expected U.S. jobs report for October, released Friday, underpinned the dollar vis-a-vis the yen, an official at a major Japanese bank said.

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