Business / Financial Markets

Dollar hovers around ¥107.30 in Tokyo as eyes turn to Europe fund

Jiji

The dollar moved in a narrow range around ¥107.30 in Tokyo trading Thursday.

At 5 p.m., the dollar stood at ¥107.24-28, down from ¥107.48-48 at the same time Wednesday. The euro was at $1.1336-1336, up from $1.1288-1288, and at ¥121.57-58, up from ¥121.33-33.

After dipping below ¥107.20 while carrying over its weakness from overseas trading, the dollar rose above ¥107.30 around mid-morning thanks to purchases by Japanese importers. In the afternoon, the greenback turned slightly easier and then went sideways.

“With a risk-on mood spreading, the dollar and the yen, both taken as safe-haven assets, are being sold,” a life insurance firm official said.

Meanwhile, a trust bank official noted that players shunned the dollar-yen pair while stepping up euro buying on hopes for a European reconstruction fund.

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