Business / Financial Markets

Dollar tops ¥107 in Tokyo

Jiji

The dollar firmed above ¥107 yen in Tokyo trading Friday, thanks chiefly to buying on a stock market rebound.

At 5 p.m., the dollar stood at ¥107.09-09, up from ¥106.86-87 at the same time Thursday. The euro was at $1.0815-0816, up from $1.0804-0804, and at ¥115.82-84, up from ¥115.46-47.

The dollar topped ¥107.40 in the morning as investors took heart from the Nikkei stock average’s rally after its three-day plunge. Japanese importers’ purchases for settlement purposes also contributed to the rise.

But the greenback pared its gain vis-a-vis the yen later as profit-taking gathered steam. It came under stronger selling pressure in the late afternoon.

“The dollar-yen pair was weighed on by concerns over coronavirus-caused tensions between the United States and China,” an official at a major securities firm said.

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