Business / Financial Markets

Dollar almost static around ¥107.50 in Tokyo

Jiji

The dollar was almost muted around ¥107.50 in thin Tokyo trading on Friday as investors retreated to the sidelines due to a three-day weekend in the United States.

At 5 p.m., the dollar stood at ¥ 107.48, against ¥107.48 at the same time Thursday. The euro was at $1.1234, down from $1.1280, and at ¥120.74, down from ¥121.24.

In New York on Thursday, the dollar briefly rose above ¥107.70, aided by better-than-expected June jobs data from the U.S. government.

After falling below ¥107.50 in early Tokyo trading Friday due to growing concerns over a resurgence in novel coronavirus cases in and outside Japan, the greenback climbed back above the level in midmorning trading thanks to purchases by real demand-backed players.

The dollar-yen pair became static in the afternoon, reflecting a lack of major trading incentives with the U.S. market closed on Friday in observance of the Independence Day holiday on Saturday, traders said.

The market reacted calmly to the news that more than 100 new coronavirus cases were found in Tokyo for the second straight day on Friday, a foreign exchange broker said.

Meanwhile, some said market participants found it difficult to trade actively amid a continuing increase in coronavirus cases in the United States and lingering uncertainty regarding U.S.-China relations over the Hong Kong situation.

Coronavirus banner