The dollar rose to levels around ¥105.90 in Tokyo trading Monday, aided by a Japanese retail giant’s announcement of a huge U.S. business buyout plan and Tokyo stocks’ sharp rally.
At 5 p.m., the dollar stood at ¥105.84, up from ¥104.42 at the same time Friday. The euro was at $1.1761, down from $1.1875, and at ¥124.55, up from ¥124.01.
The dollar topped ¥106.40 by the midmorning, as it enjoyed robust buying after the stock market got off to a robust start following the benchmark Nikkei average’s six-session bear run, traders said.
A currency broker also noted that Seven & I Holdings Co.’s just-announced plan to acquire the Speedway convenience store chain for 21 billion dollars raised speculation that the deal will push up demand for the dollar.
But later the greenback met with selling against the yen by Japanese exporters.