Dollar rises against yen

The dollar rose against the yen Thursday in Asia as investors took heart from better-than-expected U.S. durable goods orders.

The U.S. currency was quoted at 104.98 yen midafternoon in Tokyo, up from 104.74 yen in New York late Wednesday.

"The dollar was steady as orders for durable goods were not so bad," Hidekazu Tsujimoto, a dealer at Mizuho Bank Ltd.

The Commerce Department said Wednesday U.S. orders for durable goods in April dipped by 0.5 percent, which was just one-third of what experts had expected. The surprising finding raised hopes that manufacturing can help the world's largest economy shake off a slump in the housing market.

But the dollar failed to top the 105-yen level in Tokyo due to sustained concerns over inflation as volatile oil prices climbed back to above $131 a barrel after dipping below $126 Wednesday in New York.

"The dollar was top-heavy as investors remained jittery over oil movement," Tsujimoto said, adding gains in the U.S. unit were moderate due to selling from Japanese exporters.

The euro stood at $1.5606 midafternoon in Tokyo, down from $1.5644 in New York late Wednesday.

In other Asian currencies, the dollar was quoted at 32.41 to the Thai baht, little moved from 32.39, and at $1.3636 to the Singapore dollar, down from $1.3664.