Given that Japanese monetary authorities have indicated their commitment to keeping the dollar from falling below 105 yen, the dollar-yen rate appears unlikely to snap out of its current 105-110 yen range anytime soon.
Among major players in spot dealings, Japanese export and import companies have few reasons for taking major positions in the quiet market.
Export-oriented companies have unloaded their dollar holdings from time to time when the unit moved lower, refraining from building long dollar positions that eventually translate into selling pressure on the yen.