Business / Financial Markets | CURRENCY MARKET

Dollar rises to around ¥109.40 in Tokyo trading

JIJI

The dollar rose slightly to around ¥109.40 in Tokyo trading Thursday, as a wait-and-see mood prevailed before the U.S. market closes for the Thanksgiving holiday.

At 5 p.m., the dollar stood at ¥109.41, up from ¥109.18 at the same time Wednesday. The euro was at $1.1011, up from $1.1007, and at ¥120.47-48, up from ¥120.19.

Trading was thin particularly in the afternoon, a Japanese bank official said.

The dollar briefly dropped below ¥109.40 after U.S. President Donald Trump signed legislation supporting protesters in Hong Kong into law.

Trump’s move raised uncertainty about U.S.-China trade talks, but the dollar was resilient and later bounced back as market players were relatively calm.

“Trade talks (between the United States and China) are continuing,” a trust bank official said.

“Unless concrete countermeasures come out of China, there would be only a limited impact” on the trade talks, an official at a foreign exchange margin trading service company said.

China summoned the U.S. ambassador to lodge a strong protest over Trump’s signing of the Hong Kong democracy legislation, but the dollar-yen pair reacted little.

An official at a bank-affiliated securities house said that technical charts indicate that the dollar will go up. If the dollar falls close to ¥109, it may provide buying opportunities, the official said.