Business / Financial Markets

Dollar rises to ¥107.20 in Tokyo as U.S. long-term rates edge up

Jiji

The dollar rose above ¥107.20 in Tokyo trading Friday, supported in part by higher U.S. long-term interest rates.

At 5 p.m., the dollar stood at ¥107.20-20, up from ¥106.93-94 at the same time Thursday. The euro was at $1.1320-1321, down from $1.1363-1363, and at ¥121.35-37, down from ¥121.52-52.

The dollar fell below ¥106.70 in the wake of the Nikkei stock average’s tumble at the outset. But the greenback soon turned around and topped ¥107.20 in the early afternoon. Later, the dollar went sideways at levels between ¥107.10 and ¥107.20.

“An upturn in U.S. long-term interest rates in off-hours trading supported the dollar-yen pair,” a currency broker said.

The dollar attracted renewed purchases when it dropped close to ¥106.50, technically because there is a support line around the middle of the 106 range, an official at a major Japanese bank noted.

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