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The dollar rose to around ¥107.40 in Tokyo trading Tuesday, supported by rises in Japanese and overseas stock prices.

At 5 p.m., the dollar stood at ¥107.42-42, up from ¥107.18-18 at the same time Monday. The euro was at $1.0928-0929, up from $1.0815-0819, and at ¥117.39-40, up from ¥115.89-91.

Encouraged by surges in U.S. and Japanese stock prices, which came on the back of expectations for an early development of a vaccine for COVID-19, the dollar rose to around ¥107.40 in the morning.

While being pressured by selling on a rally, the greenback fluctuated mainly around ¥107.30-40 in the afternoon. It briefly topped ¥107.50.

An official at a Japanese bank noted that risk appetite among market participants was growing in response to buybacks in the crude oil market and a proposal to create a recovery fund in Europe for countries that were battered by the coronavirus pandemic.

Meanwhile, an official at a bank-affiliated securities firm said that the dollar-yen rate is “struggling for direction” as there are no changes in the gaps between interest rates and in monetary policies around the world.

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