The dollar pared earlier gains to slip through ¥107.20 in Tokyo trading Monday.
At 5 p.m., the dollar stood at ¥107.16-16, up from ¥107.10-12 at the same time Friday. The euro was at $1.1456-1456, up from $1.1390-1391, and at ¥122.75-77, up from ¥122.01-01.
The dollar had moved slightly above 107.50 by midmorning, attracting buybacks and fresh purchases by Japanese importers for settlement purposes.
But the greenback cut its gains vis-a-vis the yen after losing ground against the euro, which attracted buying on hopes for progress in a European Union summit. It dropped below ¥107.20 in late afternoon trading.
“Investors held active trading in check to see the outcome of the EU summit,” an asset manager said.