The dollar traded mostly in a range between ¥110.00 and ¥110.50 in Tokyo on Monday after surpassing ¥111, reflecting strong real demand overseas for the U.S. currency in the midst of the coronavirus pandemic.

At 5 p.m., the dollar stood at ¥110.23-24, up from ¥109.15-15 at the same time Thursday. The euro was at $1.0693-0694, down from $1.0847-0848, and at ¥117.88-89, down from ¥118.41-43. Japanese financial markets were closed Friday for a national holiday.

The greenback moved above the ¥111 line in the early morning backed by buying to secure dollars amid fears of a global funding squeeze caused by the spreading coronavirus pandemic.

But selling by Japanese exporters pushed down the greenback later.

“Export-oriented Japanese companies tend to sell dollars to obtain yen during Tokyo trading hours ahead of the March 31 end of their business year,” said an official at a major securities firm.

Meanwhile, an official at a bank-affiliated brokerage house forecasted that the dollar’s uptrend will continue, saying, “Although extremely strong dollar funding demand has receded, the currency’s popularity remains high.”

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