Business / Financial Markets | CURRENCY MARKET

Dollar falls to around ¥109.50 in Tokyo trading

JIJI

The dollar dropped to around ¥109.50 in Tokyo trading Friday amid persistent fears over the new coronavirus’s further spread.

At 5 p.m., the dollar stood at ¥109.54, down from ¥109.60 at the same time Thursday. The euro was at $1.1049-1052, down from $1.1088-1089, and at ¥121.06, down from ¥121.54.

The dollar sank below ¥109.50 after the Chinese government said the virus has so far killed 25 people and sickened 830 others. But the greenback was buoyed by buybacks in the afternoon.

“The dollar’s topside, however, remained heavy amid concern over the likelihood an expansion of the deadly viral outbreak,” said a Japanese bank official.

But few players stepped up dollar selling vis-a-vis the yen, neither.

The effects of the epidemic, chiefly in China, on the global economy “are believed to be limited for now,” an official at a bank-affiliated securities firm said, referring to the World Health Organization’s postponement of a decision on whether to declare the outbreak of the new Chinese virus a global public health emergency.

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