The dollar rose against the yen in Asian trade on Friday, lifted by news that Japanese mobile carrier Softbank is in advanced talks on a multi-billion-dollar buyout deal with Sprint Nextel. The dollar was at 78.45 yen in Tokyo trade against 78.33 yen in New York late Thursday. The European common currency was changing hands at $1.2943 against $1.2926, while it firmed to 101.52 yen from 101.25 yen. Softbank is eyeing a monster $25 billion buy-in to the US telecom market including the takeover of Sprint Nextel in what could be one of Japan Inc.’s biggest-ever overseas acquisition, reports said Friday. Sprint Nextel said it was talking to Softbank on a possible takeover by Japan’s third largest mobile carrier, while Softbank also confirmed on talks with the US firm but noted no decisions had been made yet. “The way of financing varies,” Daisuke Karakama, market economist at Mizuho Corporate Bank, told Dow Jones Newswires. “The firm may have some dollar holdings. Still, there should be dollar-buying to a certain extent.” Banks, asked by the telecom firm, will likely purchase dollars over a certain period of time, he added. The dollar was also supported against the yen after Japanese finance minister Koriki Jojima expressed at the Group of Seven meeting in Tokyo concerns about the high levels of the currency, dealers said.
