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The dollar moved narrowly around ¥107 in lackluster Tokyo trading on Thursday.

At 5 p.m., the dollar stood at ¥106.95-95, down from ¥107.00-03 at the same time on Wednesday. The euro was at $1.1407-1407, down from $1.1432-1433, and at ¥121.99-122.00, down from ¥122.35-36.

The dollar fluctuated around ¥106.90 in the early morning of Tokyo trading, reflecting a rise in U.S. stock prices on the back of optimism over an early development of a novel coronavirus vaccine.

After briefly rising above ¥107 later in the morning, thanks to buying backed by real demand, the greenback eased to move tightly below that line in the afternoon, pressured by selling on a rally following a fall in the benchmark Nikkei stock average.

“Although there are trading incentives on the market, they were not strong enough to decide the direction of the dollar-yen rate,” an official at a foreign exchange margin trading service firm noted.

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