The dollar firmed slightly to around ¥108.80 in Tokyo trading on Wednesday, thanks to growth in buying demand in late trading.
At 5 p.m., the dollar stood at ¥108.83, up from ¥108.72 at the same time on Tuesday. The euro was at $1.2243, down from $1.2255, and at ¥133.25, almost unchanged from ¥133.24.
The dollar rose in the morning on buying by Japanese importers for settlement purposes and on an upswing of the benchmark 225-issue Nikkei average, but struggled to gain traction after the initial bout of buying.
The greenback hovered narrowly around ¥108.70 in the afternoon as the Nikkei average and U.S. interest rates moved little.
The U.S. currency climbed in late trading, taking the effects of the euro and the pound being “sold apparently to lock in profits amid cautiousness toward high levels,” according to a currency broker.
A moderate gain of U.S. interest rates also helped push up the dollar.
An official at a Japanese bank said that market players were “waiting for the next market-moving factor,” avoiding active trading for the time being.
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