Business / Financial Markets

Greenback falls below ¥107.20 after brief rally in Tokyo

Jiji

The dollar pared earlier gains to slip through ¥107.20 in Tokyo trading Monday.

At 5 p.m., the dollar stood at ¥107.16-16, up from ¥107.10-12 at the same time Friday. The euro was at $1.1456-1456, up from $1.1390-1391, and at ¥122.75-77, up from ¥122.01-01.

The dollar had moved slightly above 107.50 by midmorning, attracting buybacks and fresh purchases by Japanese importers for settlement purposes.

But the greenback cut its gains vis-a-vis the yen after losing ground against the euro, which attracted buying on hopes for progress in a European Union summit. It dropped below ¥107.20 in late afternoon trading.

“Investors held active trading in check to see the outcome of the EU summit,” an asset manager said.

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