The dollar moved around ¥105.40 in late Tokyo trading Friday, after recouping some of its earlier loss traced in part to position adjustment sales ahead of the weekend.
At 5 p.m., the dollar stood at ¥105.38, up marginally from ¥105.30 at the same time Thursday. The euro was at $1.1677, up from $1.1667, and at ¥123.05, up from ¥122.80.
The dollar climbed above ¥105.50 in the midmorning, supported by buying by Japanese importers. The U.S. currency then moved tightly around ¥105.40 amid a strong wait-and-see mood due to the absence of fresh trading incentives.
The greenback eased to around ¥105.25 in the afternoon before showing resilience in late trading.
“Market players placed dollar sell orders for position adjustment ahead of the weekend,” a foreign exchange broker said. An official of an asset management company cited selling by short-term traders.
“The dollar will likely continue to be sought amid the spread of the novel coronavirus in Europe,” an official at a Japanese bank said, adding, “Demand is seen increasing for both the dollar and the yen as safe assets, as uncertainties over the U.S. presidential election in November could grow depending on who will be picked as the successor to the late U.S. Supreme Court Justice Ruth Bader Ginsburg.”
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