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The dollar firmed to around ¥105.40 in Tokyo trading Wednesday, amid an unabated risk-on mood reflecting optimism over an effective coronavirus vaccine’s early availability.

At 5 p.m., the dollar stood at ¥105.40, up from ¥105.02 at the same time Tuesday. The euro was at $1.1808, down from $1.1816, and at ¥124.46, up from ¥124.16.

The dollar slipped through ¥105 in midmorning trading after hovering above ¥105.20, meeting with selling by Japanese exporters. But the greenback soon rebounded and extended gains in the afternoon.

After the 225-issue Nikkei average retook 25,000 at the closing for the first time in 29 years, the dollar topped ¥105.40.

“Market participants are wondering how long the risk-on mood will last,” said an official at a foreign exchange margin trading service firm.

The official also said the dollar is believed have hit bottom after falling below ¥104 last week, adding that the U.S. currency will likely test its upside from now on.

Meanwhile, a currency broker forecast that the dollar-yen pair would be stuck in a narrow range as investors are expected to put active transactions on hold as long as political situations in the United States and Europe remains murky.

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