The dollar fell below ¥104.10 in Tokyo trading Friday, pressured by lower U.S. long-term interest rates and position-squaring selling.

At 5 p.m., the dollar stood at ¥104.06, down from ¥104.32 at the same time Thursday. The euro was at $1.1927, slightly up from $1.1925, and at ¥124.13, down from ¥124.41.

After moving in the ¥104.20 range, the dollar slipped to around ¥104.00 by midmorning in tandem with U.S. long-term rates. The greenback also met with Japanese exporters’ active selling to square their month-end positions. Other players’ position-squaring ahead of the weekend pushed the dollar further down in early afternoon trading.

But later the U.S. currency was lifted by short-term players’ buybacks and moves to buy the dip, according to a currency broker.

Many players predict the dollar’s continued weakness amid the prolonged U.S. monetary easing and coronavirus pandemic, a Japanese bank official said.

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