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The dollar moved on a firm note mostly around ¥104.40 in Tokyo on Thursday before shedding some gains in late trading.

At 5 p.m., the dollar stood at ¥104.28, up from ¥104.21 at the same time Wednesday. The euro was at $1.1735, down from $1.1770, and at ¥122.38, down from ¥122.66.

After hovering in the ¥104.30 zone early in the morning, the dollar climbed to around ¥104.50 toward noon, thanks to buying by Japanese importers for settlement purposes, the 225-issue Nikkei average’s resilience and Chinese stocks’ solid performance.

The dollar slipped through ¥104.30 in late afternoon trading on selling prompted by the euro’s slide against other major currencies “amid swelling concerns over the negative effects of the coronavirus resurgence on the European economy,” a currency broker said.

“But market sentiment was somewhat stabilized” by the Nikkei’s rebound after a tumble in the morning and a rise in U.S. stock index futures on off-hours trading, the broker added.

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