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The dollar was slightly weaker below ¥112.90 in late Tokyo trading Wednesday, with traders retreating to the sidelines to see the outcome of the U.S. Federal Reserve’s policy meeting that ends later in the day.

At 5 p.m., the dollar stood at ¥112.85-89, down from ¥112.92-93 at the same time on Tuesday. The euro was at $1.1766-1766, down from $1.1768-1769, and at ¥132.78-78, down from ¥132.89-92.

Active trading was held in check before the end of the U.S. Federal Reserve’s two-day policy meeting and a summit meeting between Prime Minister Shinzo Abe and U.S. President Donald Trump later on Wednesday, traders said.

“Investors found it difficult to boost trading ahead of the important events for the dollar-yen pair,” an official of a bank-affiliated securities firm said.

Dollar-yen trading was little impacted by the 225-issue Nikkei average’s first close above 24,000 in eight months.

“Risk-on dollar buying for yen was limited despite the Nikkei’s rise above 24,000 and higher Chinese stocks,” a currency broker said.

The dollar eased in late trading after a slide in U.S. long-term interest rates, traders said. “U.S. interest rates dropped in an apparent attempt by traders to avert risks after European stocks opened slightly lower,” a think tank official said.

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