The dollar shrugged off its early weakness to move around ¥108.70 in Tokyo trading Thursday.
At 5 p.m., the dollar stood at ¥108.66-67, down slightly from ¥108.72-72 at the same time Wednesday. The euro was at $1.1938-1938, up from $1.1883-1884, and at ¥129.72-72, up from ¥129.20-21.
Carrying over its weakness from overseas trading, the dollar changed hands at around ¥108.40 in the early morning.
The greenback took an upturn in midmorning trading thanks to Japanese importers’ purchases and yen selling amid risk appetite increasing among investors in the wake of rises in Chinese stocks.
The U.S. currency traded above ¥108.70 for a while in the afternoon, reflecting the yen’s depreciation on the back of global stock rises.
“Foreign short-term players stepped up buying,” a currency broker said.
In late afternoon trading, the dollar slipped through the ¥108.70 line in response to drops in U.S. long-term interest rates ahead of a 30-year Treasury bond auction later on Thursday.
Players said they were waiting for European Central Bank President Christine Lagarde’s remarks after the ECB’s upcoming policy meeting, wondering whether he would warn against rising long-term interest rates.
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