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Japan Times / Biz - Money

Dollar firmer around ¥110 in Tokyo

The dollar was firmer around ¥110 in Tokyo trading Wednesday, backed by brisk U.S. and Japanese stocks. At 5 p.m., the dollar stood at ¥109.94-94

The dollar was firmer around ¥110 in Tokyo trading Wednesday, backed by brisk U.S. and Japanese stocks.

At 5 p.m., the dollar stood at ¥109.94-94, up from ¥109.51-56 at the same time Tuesday. The euro was at $1.1984-1984, up from $1.1973-1974, and at ¥131.76-76, up from ¥131.16-21.

The dollar benefited from higher stocks and interest rates in the United States amid easing worries about North Korea, climbing to around ¥110.30 in early trading.

After briefly falling below ¥110 on profit-taking and selling from Japanese exporters, the dollar rose back above ¥110.10 on the back of higher Japanese stocks. In late trading, the dollar slipped below ¥110 again on selling from European traders.

The dollar’s topside was heavy after its recent sharp advance from levels below ¥108 marked Friday last week, said an official of a foreign exchange margin trading service firm.

“While concern over North Korea is receding, active dollar purchases were held in check due to low expectations for an additional interest rate hike by the U.S. Federal Reserve,” said an official of another foreign exchange margin trading service firm.

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