Business / Financial Markets | CURRENCY MARKET

Dollar falls below ¥110 in Tokyo trading

JIJI

The dollar fell below ¥110 in Tokyo trading Tuesday amid heightened fears over the spread of a new coronavirus in China.

At 5 p.m., the dollar stood at ¥109.97-97, down from ¥110.12-12 at the same time Monday. The euro was at $1.1092-1092, down from $1.1094-1094, and at ¥121.99-99, down from ¥122.18-18.

The dollar fell to around ¥109.90 in midmorning in response to tumbles in Japanese and Chinese stocks after Chinese authorities reported that a fourth person died of pneumonia caused by the new coronavirus strain and that the disease is spreading.

But the dollar resisted falling further while attracting buying by investors who had been waiting for the greenback to come down.

A currency broker said players have shifted their focus to a speech U.S. President Donald Trump will deliver at the annual World Economic Forum meeting in Davos, Switzerland, later Tuesday.

Close attention is also being paid to U.S. stock moves after the three-day weekend, traders said.

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