The dollar rose above ¥107.10 in Tokyo trading Monday, aided by the uptrend in the stock market.
At 5 p.m., the dollar stood at ¥107.17-18, up from ¥106.36-37 at the same time Friday. The euro was at $1.0833-0834, up from $1.0824-0824, and at ¥116.11-12, up from ¥115.14-14.
The dollar advanced to levels around ¥107 in midmorning trading on buying induced by the climb in the Nikkei stock average. After easing below ¥106.80 on profit-taking, the greenback attracted renewed buying in the late afternoon.
Pointing out that stock prices went up in Japan as well as abroad, an official at a bank-affiliated securities firm said investors are becoming “free from coronavirus fears.”
At a time when U.S. short-term interest rates are suggesting the possibility of the Federal Reserve introducing a negative interest rate, Fed Chairman Jerome Powell’s news conference set for Wednesday needs to be watched closely, an official at a foreign-exchange margin trade service firm noted.