The dollar rose to around ¥108.80 in Tokyo trading Monday amid renewed hopes for the United States and China to finalize a preliminary trade deal.
At 5 p.m., the dollar stood at ¥108.84-88, up from ¥108.60-60 at the same time Friday. The euro was at $1.1029-1030, down from $1.1064-1064, and at ¥120.05-06, down from ¥120.16-17.
The dollar moved on a strong note around ¥108.70 in the early morning, after U.S. President Donald Trump said Friday that the United States and China were close to sealing “phase one” of their trade deal.
The greenback later went up further, to around ¥108.80, thanks to a jump in the Nikkei 225 stock average, real demand-backed buying and a Chinese media report that the deal was near at hand.
“Also given the recent strong U.S. economic indicators, investors had no choice but to buy the dollar,” a major bank official said.