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The dollar traded below ¥111.80 in Tokyo Friday, weighed down by lower U.S. long-term interest rates and Japanese stock prices.

At 5 p.m., the dollar stood at ¥110.77-77, down from ¥111.59-59 at the same time on Wednesday. The market was closed on Thursday for a national holiday.

The euro was at $1.1387-1388, up from $1.1344-1348, and at ¥126.14-14, down from ¥126.64-64.

In early trading, the dollar moved around ¥110.70-80 after falling below ¥110.60 in overseas trading in the wake of the U.S. Federal Reserve’s release Wednesday of projections that there would be no interest rate increase in 2019.

The dollar firmed close to ¥110.90 in midmorning trading thanks to purchases by domestic importers. But the greenback slipped through ¥110.70 in line with a drop in the Nikkei stock average, before scaling back above ¥110.80 on position-squaring buying in the afternoon.

Players retreated to the sidelines in later hours to see the outcome of a two-day summit meeting of the European Union from Thursday on Britain’s exit from the EU, traders said.

An official of a major securities firm said that the market will continuously be clouded by the no-deal Brexit possibility.

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