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The dollar moved tightly around ¥106.70 for the majority of Tokyo trading Thursday, with very few incentives in sight.

At 5 p.m., the dollar stood at ¥106.64-64, down from ¥106.78-78 at the same time Wednesday. The euro was at $1.1827-1828, up from $1.1749-1749, and at ¥126.11-13, up from ¥125.46-46.

After rising above ¥107 at one point in overseas trading, reflecting a recovery in the U.S. consumer price index for July, the dollar fell to around ¥106.80 in the early morning in Tokyo, pressured by selling on a rally.

The dollar fell further to around ¥106.60 later in the morning, weighed down by selling by Japanese exporters. The U.S. currency fluctuated around ¥106.70 for the majority of the afternoon amid a dearth of strong trading incentives.

“Although market participants engaged in dollar-buying, showing heightened risk appetites on the back of mounting hopes for the development of a novel coronavirus vaccine, the dollar was met with selling pressure from exporters as it drew closer to the middle of the ¥107 level,” an official at a bank-affiliated securities firm noted.

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