The dollar was little changed around ¥109.50 in Tokyo trading Friday amid a lack of fresh incentives during the U.S. Thanksgiving holiday on Thursday.

At 5 p.m., the dollar stood at ¥109.50-50, compared with ¥109.41-41 at the same time on Thursday. The euro was at $1.1011-1011, unchanged, and at ¥120.57-57, against ¥120.47-48.

There were some real demand-backed transactions in the morning, but a wait-and-see mood grew in the afternoon in the absence of market-moving news, dealers said.

“While real demand-backed players place orders for month-end purposes, there weren’t any speculators who set the undertone,” an official at a Japanese bank said.

A foreign-exchange broker said, “U.S. trading is expected to be subdued on Friday as the number of market participants is likely to be limited.”

On U.S.-China trade talks, an official at a foreign-exchange margin trading firm said market participants are “waiting for headline news.”

The official, however, added that as the market is already getting used to news on developments in the trade talks, “its reaction is becoming limited.”

The dollar is expected to remain “firm” against the yen for the time being, the official said.