The dollar eased below ¥104.40 in lackluster Tokyo trading Thursday.

At 5 p.m., the dollar stood at ¥104.32, down from ¥104.47 at the same time Wednesday. The euro was at $1.1925, up from $1.1906, and at ¥124.41, slightly up from ¥124.38.

The dollar dipped below ¥104.30 in midmorning trading as selling by Japanese exporters to square their positions took the upper hand.

In the afternoon, the greenback struggled for direction with players increasingly taking to the sidelines ahead of Thanksgiving Day in the United States.

The dollar-yen pair little reacted to the 225-issue Nikkei average’s continued advance and new coronavirus-linked developments, including requests for shorter business hours by the Aichi and Hokkaido prefectural governments, traders said.

Now that the U.S. Federal Reserve’s intention of upholding its massive easing policy for a long period has been reaffirmed by the recent Federal Open Market Committee meeting’s minutes, many investors anticipate the dollar’s prolonged downtrend, a currency broker said.

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