Business / Financial Markets | CURRENCY MARKET

Dollar retakes ¥109 in Tokyo trading

JIJI

The dollar was higher above ¥109 in Tokyo trading late Friday, as concerns eased about the pneumonia-causing new coronavirus spreading further to disrupt the global economy.

At 5 p.m., the dollar stood at ¥109.03-04, up from ¥108.85-86 at the same time Thursday. The euro was at $1.1027-1028, up from $1.1011, and at ¥120.24, up from ¥119.86.

Fears over the new coronavirus eased after the World Health Organization refrained from recommending any travel or trade restriction at an emergency meeting Thursday, while declaring the outbreak of the disease as a public health emergency of international concern, traders said.

The dollar rose above ¥109 early in morning trading, supported by dollar buying for settlement purchases, apparently by Japanese importers, traders said.

The greenback temporarily rose above ¥109.10 later in the morning, supported by a steep rise in the benchmark 225-issue Nikkei average.

The dollar moved in a tight range in the afternoon amid a dearth of fresh trading incentives.

“Caution over the disease remains strong,” with the United States expanding the coverage of its travel warning for China from Hubei province to all of the country, an official of an asset management company said.

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