The dollar weakened to around ¥107.20 in Tokyo trading Friday, on the back of escalating U.S.-China tensions.
At 5 p.m., the dollar stood at ¥107.19, down from ¥107.81 at the same time Thursday. The euro was at $1.1104, up from $1.1004, and at ¥119.04, up from ¥118.64.
After slipping through ¥107.60 in overseas trading amid heightened worries about the U.S.-China strife over the Hong Kong issue, the dollar lost further ground on selling by Japanese exporters. Drops in U.S. stock index futures and long-term interest rates in off-hours trading also weighed on the greenback, traders said.
With U.S. President Donald Trump’s news conference looming, market participants grew wary of what Trump would say about Beijing’s gesture to tighten security measures in Hong Kong.
“Ahead of the news conference as well as the weekend, investors moved to scare dollar-long positions against the yen they had built up in the recent risk-on mood,” a Japanese bank official said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.