The dollar temporarily slipped through ¥110 in Tokyo trading Thursday as concerns climbed about the spread of the new coronavirus.
At 5 p.m., the dollar stood at ¥¥110.10-10, down from ¥110.47-47 at the same time Wednesday. The euro was at $1.0921-0921, up from $1.0871-0871, and at ¥120.24-25, up from ¥120.10-11.
After moving around ¥110.40 in overnight trading, the dollar gradually lost ground in the morning, dropping to levels below ¥110.10, on selling induced by the Nikkei stock average’s four-day plunge.
Following a brief rebound in the afternoon, the greenback sank below ¥110 after the Nikkei had given up more than 500 points and U.S. long-term interest rates fell in off-hours trading.
Investor sentiment was battered further by a rise in coronavirus carriers in the United States and confirmation of the first virus infection in Demark, traders said.
“Investor anxiety will not dissipate until the outbreak peaks,” a Japanese bank official said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.