The dollar dropped below ¥105 on risk-averse selling in Tokyo trading Thursday.

At 5 p.m., the dollar stood at ¥104.76, down from ¥105.24 at the same time Wednesday. The euro was at $1.1793, down from $1.1861, and at ¥123.52, down from ¥124.83.

The dollar recovered to levels above ¥105 early in the morning after falling to around ¥104.80 in overnight trading in the wake of the U.S. Federal Reserve indicating that its near-zero interest rate policy will continue at least until the end of 2023. But the greenback met with renewed selling following the 225-issue Nikkei average’s dismal start.

The Bank of Japan’s decision to leave its massive easing policy intact little affected the dollar-yen pair because it had been widely expected, an official at a private research firm said.

In the afternoon, the dollar saw selling pressure increase as concerns grew over sell-offs in the European and U.S. stock markets Thursday.

A currency broker said the dollar was pushed down below ¥104.70 by speculative selling prompted by BOJ Gov. Haruhiko Kuroda’s remarks at a news conference held after the central bank’s two-day policy meeting.

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