Dollar falls to around JPY 109.70 in Tokyo

14-Feb-2020 Intellasia | JapanTimes | 6:02 AM Print This Post

The dollar fell to around JPY 109.70 in late Tokyo trading Thursday, amid persistent concerns over the new coronavirus outbreak mainly in China.

At 5 p.m., the dollar stood at JPY 109.72-73, down from JPY 109.87-87 at the same time Wednesday. The euro was at $1.0879-0879, down from $1.0914-0914, and at JPY 119.37-37, down from JPY 119.91-92.

In overseas trading, the dollar hovered above JPY 110 thanks to a slight easing of fears over the spread of the virus.

The greenback, however, plunged to around JPY 109.80 just before 9 a.m. in Tokyo, as the government of Hubei province announced a surge in coronavirus infections and deaths in the Chinese province at the centre of the virus crisis.

After retaking JPY 109.90 later in the morning, mainly supported by real demand-backed buying, the US currency eased to around JPY 109.80 in the afternoon and to about JPY 109.70 in late trading.

“It was believed, until the previous day, that the spread of the coronavirus infections was slowing down. Now many people are alarmed,” said an official at a bank-affiliated securities firm.

After some recovery from the early morning tumble, “the dollar-yen pair lost ground as players grew risk-averse following drops on major stock markets in Asia,” an official at a think tank said.


Category: Japan

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