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Dollar strengthens against yen after OPEC assessment

Dollar strengthens against yen after OPEC assessment

LONDON:The dollar strengthened against yen in Asian trading on Friday, with lowest oil value among the factors which sped up the selling in the Japanese exchange.
The dollar USDJPY, +0.43% was at ¥118.16 from ¥117.74 late Thursday in New York, amid thin trading due to the U.S. Thanksgiving holiday.
Following a decision by the Organization of the Petroleum Exporting Countries to keep intact its established production targets despite the recent sharp falls in crude prices, Nymex West Texas Intermediate crude tumbled below $70 a barrel for the first time in four years.
The OPEC decision gave an upward bias to the greenback that spread to trading in Asia.
“Oil price weakness is a direct boon to the U.S. economy,” said Shinji Kureda, head of FX trading group at Sumitomo Mitsui Banking Corp.
The resulting improved sentiment about the U.S. recovery was reflected in Tokyo share prices, which gained traction from the opening bell. The Nikkei Stock Average was up 1.2% midway through the afternoon session.
Traders also cited buying by Japanese importers related to commercial transaction settlements ahead of the regular book closing at the end of the month.