Business / Financial Markets

Dollar tops ¥107.50 in Tokyo trading

Jiji

The dollar strengthened to top ¥107.50 on renewed buying after a dip in Tokyo trading Tuesday.

At 5 p.m., the dollar stood at ¥107.56-56, up from ¥107.17-18 at the same time Monday. The euro was at $1.0815-0819, down from $1.0833-0834, and at ¥116.34-34, up from ¥116.11-12.

The dollar slipped through ¥107.40 in the afternoon, hit by selling stemming from the Australian dollar’s drop against the yen on media reports that China will suspend imports of meat processed in Australia, traders said.

The dollar rose back above ¥107.60 in late trading as the dip triggered buying, they added.

“In view of stock market recoveries amid swelling expectations for coronavirus lockdown exit plans, investors stepped up purchasing the dollar vis-a-vis the yen,” a Japanese bank official said.

A life insurance firm official pointed out that the dollar cannot rise further because “the real economy is still weak.”

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