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The dollar moved tightly around ¥106.90 in Tokyo trading Monday with few market-moving events to affect it.

At 5 p.m., the dollar stood at ¥106.94-97, almost unchanged from ¥106.96-97 at the same time Friday. The euro was at $1.1209-1209, down from $1.1212-1213, and at ¥119.89-90, down from ¥119.92-94.

The dollar strengthened to around ¥106.90 in the morning on buying prompted by the Nikkei stock average’s climb back into positive territory. The greenback went sideways later amid a dearth of major trade incentives.

“Players were largely sitting on the fences to watch novel coronavirus-linked developments,” an official at a major Japanese bank said.

Meanwhile, an official at a foreign-exchange margin trading firm observed that the dollar-yen pair has entered “a risk-averse phase,” pointing out that the higher end of a trading range has gradually been descending along with the resurgence of the coronavirus in the United States.

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