The dollar exceeded ¥109 yen in Tokyo trading Friday, supported by hopes that the just-enacted massive U.S. coronavirus relief package will lead to economic recovery.

At 5 p.m., the dollar stood at ¥109.04, up from ¥108.66 at the same time Thursday. The euro was at $1.1945, up from $1.1938, and at ¥130.25, up from ¥129.72.

After moving around ¥108.50 in early trading, the dollar climbed close to ¥108.80 by noon thanks to buying by Japanese importers for settlement purposes and yen selling in response to rises in U.S. and Japanese stocks.

The greenback lost steam in the early afternoon, as a wait-and-see mood prevailed ahead of the release of U.S. wholesale prices for February, an official at a Japanese bank said.

The dollar shot up to top ¥109 in late trading, in the wake of the benchmark 10-year U.S. Treasury yield rising above 1.6%.

“Speculative buying by foreign short-term players” also contributed to the U.S. currency’s appreciation, a currency broker said.

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