Business / Financial Markets | CURRENCY MARKET

Dollar firms above ¥109.50 in Tokyo

JIJI

The dollar rose above ¥109.50 in Tokyo Thursday amid receding concern over a slowdown in the global economy.

At 5 p.m., the dollar stood at ¥109.57-57, up from ¥109.43-47 at the same time Tuesday. The euro was at $1.1126-1126, down from $1.1130-1130, and at ¥121.91-91, up from ¥121.81-81.

The dollar topped ¥109.50 in overnight trading and climbed close to ¥109.70 around midmorning on real demand-backed buying by Japanese importers.

But the greenback slipped through ¥109.60 later in the morning on media reports that the U.S. House of Representatives impeached President Donald Trump, traders said. The dollar turned static in the afternoon.

The impeachment news failed to cause confusion in the market because participants were confident of Trump’s survival in a trial in the Republican-led Senate, a Japanese bank official said. “But a mood against active dollar buying grew,” an official at a foreign exchange margin trading service firm said.

Investors reacted little to a news conference held by Bank of Japan Gov. Haruhiko Kuroda after the end of the central bank’s two-day Policy Board meeting through Thursday, in which no policy change was made as was expected, traders said.