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The dollar fell through ¥104 for the first time in eight months in Tokyo trading Friday, amid a strong-wait-and-see mood as market participants waited for the results of the U.S. presidential election.

At 5 p.m., the dollar stood at ¥103.42, down from ¥104.30 at the same time Thursday. The euro was at $1.1838, up from $1.1744, and at ¥122.45, down from ¥122.51.

In overseas trading, the dollar succumbed to risk-tolerant selling due to receding political uncertainties in the United States, against the backdrop of speculation that Democratic candidate Joe Biden will defeat U.S. President Donald Trump in the election.

The U.S. currency then climbed to around ¥103.80 in late Tokyo morning trading, helped by buying by Japanese importers for settlement purposes.

The greenback, however, became top-heavy in the afternoon, weighed down by selling by speculators and individual investors, and fluctuated within a relatively narrow range, as market participants retreated to the sidelines to wait for fresh news on vote counting in battleground states, as well as for the release of the U.S. government’s employment report for October later on Friday.

With Trump claiming that the election is being stolen from him, the market is concerned that it may take time for the election results to be finalized.

Many market players are reluctant to engage in active trading, with a currency broker saying, “Moves related to the presidential race may change the market trend.”

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