The dollar drifted aimlessly below ¥110 in Tokyo trading Thursday, facing a lack of major trading incentives.

At 5 p.m., the dollar stood at ¥109.97-98, up slightly from ¥109.91 at the same time Wednesday. The euro was at $1.1147-1151, up from $1.1127-1128, and at ¥122.60, up from ¥122.32.

Buoyed by real demand-backed buying, the dollar crept up near ¥110 in the morning.

Pressured by selling on a rally, however, the dollar failed to top the barrier and fluctuated below the level later in the day.

Although the United States and China signed a so-called phase one trade deal Wednesday, market players refrained from active trading because the content of the deal had already been priced in, traders said.

“As U.S.-China trade friction and Middle East tensions have both subsided now, no fresh trading incentives can be found,” an official of a foreign exchange margin trading service company said.

The official added that market players are waiting for a series of monetary policy meetings of major central banks later this month and remarks by related officials. The Bank of Japan’s Policy Board is set to hold a two-day meeting from Monday, while policy meetings of the European Central Bank and the U.S. Federal Reserve are scheduled for Jan. 23 and Jan. 28-29, respectively.