The dollar moved in a tight range after falling below ¥107.70 in Tokyo trading Tuesday.
At 5 p.m., the dollar stood at ¥107.66-67, down from ¥107.88-92 at the same time Monday. The euro was at $1.0931-0931, down from $1.0945-0948, and at ¥117.69-70, down from ¥118.09-10.
After dropping below ¥107.50 in overnight trading, the dollar recouped some of the losses and then struggled for direction.
The greenback was lifted by buying stemming from the Nikkei 225 stock average’s sharp rebound and purchases by Japanese importers but met with selling whenever it looked up, traders said.
The dollar-yen pair’s outlook remains murky despite the Nikkei rebound as concerns over corporate earnings amid the coronavirus pandemic persist, an official at a major Japanese bank pointed out.