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The dollar fell to around ¥104.30 in Tokyo trading on Thursday, amid political uncertainties surrounding the U.S. presidential election held on Tuesday.

At 5 p.m., the dollar stood at ¥104.30-31, down from 104.89-90 ¥ at the same time on Wednesday. The euro was at 1.1744-1744 dollars, up from 1.1659-1659 dollars, and at 122.51-52 ¥, up from 122.28-29 ¥.

In overseas trading, the dollar attracted buybacks, reflecting U.S. President Donald Trump's reported lead over Democratic candidate Joe Biden in some closely contested states.

The dollar then fell to around 104.20 ¥ in the morning of Tokyo trading, in response to media reports that vote-counting processes showed that Biden was at an advantage.

The U.S. currency moved mostly around 104.20-30 ¥ for the majority of the afternoon, with market participants waiting to see how the election situation will play out.

While stock prices surged both in and outside of Japan in response to news related to the presidential race, U.S. long-term interest rates are on the decline.

"Market players are unable to decide whether the market is risk-averse or risk-tolerant," an official at a bank-affiliated securities firm said.

Market sources suggested that a wait-and-see mood will likely continue to dominate the market, with an official at a major securities firm saying, "Market participants have factored in the possibility that it may take time for the results of the U.S. election to be finalized."

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