The dollar moved on a firm note around ¥108 in Tokyo trading Friday, supported by buying stemming from a surge in crude oil prices.
At 5 p.m., the dollar stood at ¥108.22-23, up from ¥107.28-29 at the same time Thursday. The euro was at $1.0790, down from $1.0932, and at ¥116.78, down from ¥117.29-30.
Carrying over its bullishness in overseas trading, thanks to rises in New York crude oil futures and U.S. stocks, the dollar climbed past ¥108.10 in the early morning and was pushed up to around ¥108.20 later by purchases by Japanese importers for settlement purposes.
Following a dip caused by the 225-issue Nikkei average’s downward shift, the greenback went sideways at around ¥107.90 until it was buoyed by buybacks in late trading.
“The higher oil prices stimulated investors’ appetite for risk assets such as dollars,” said an official at a foreign exchange margin trading service firm.