The dollar-yen rate is struggling to find direction.
The yen appeared poised to test 100 to the dollar late last year amid growing expectations of economic recovery in Japan, but came in for a setback after the turn of the year.
In retrospect, the yen's strong showing in the closing months of 1999 prompted a switch into yen-based investment vehicles, raising expectations the yen would gain further ground after fears of Y2K computer problems diminished, but this scenario failed to materialize.