Business / Financial Markets

Dollar around ¥107.50 in Tokyo trading

Jiji

The dollar moved in a narrow band around ¥107.50 in Tokyo trading Wednesday amid a dearth of fresh trading incentives.

At 5 p.m., the dollar stood at ¥107.52-52, down from ¥107.80-83 at the same time Tuesday. The euro was at $1.0965-0965, up from $1.0935-0935, and at ¥117.90-90, almost unchanged from ¥117.89-90.

After falling to around ¥107.30 in overseas trading on selling stemming from heightened concerns over U.S.-China tensions, the dollar rose up to around ¥107.70 during the morning in Tokyo thanks to the Nikkei stock average's continued advance and vigorous demand from Japanese importers for settlement purposes. In the afternoon, the greenback went sideways around ¥107.50 in the absence of market-moving news.

"While stocks have been bought recently in response to business reopening, the dollar-yen pair's reaction has been limited," an official at an asset management company said.

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