The dollar mostly moved around ¥110.50 in relatively calm Tokyo trading Tuesday.

At 5 p.m., the dollar stood at ¥110.53-53, up from ¥110.23-24 at the same time Monday. The euro was at $1.0830, up from $1.0693-0694, and at ¥119.70-72, up from ¥117.88-89.

Strong dollar-funding demand amid a global credit squeeze caused by the novel coronavirus pandemic receded in the wake of the Federal Reserve’s announcement Monday of its unlimited bond purchases to prevent the U.S. economy from plunging into a depression, traders said.

Against the backdrop, the dollar weakened in Tokyo after climbing close to ¥111.70 overseas.

The greenback fell to as low as ¥110.10 or so in the morning, also pressured by Japanese exporters’ selling to gain yen, traders said.

“Global monetary easing has slowed moves to secure dollar funds by selling other financial assets,” a securities firm official said.

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