The dollar was stuck in an extremely narrow range around ¥104.05 in Tokyo trading Tuesday, amid a dearth of fresh trading incentives.

At 5 p.m., the dollar stood at ¥104.07, down slightly from ¥104.13 at the same time Monday. The euro was at $1.2112, down marginally from $1.2119, and at ¥126.07, down from ¥126.20.

The dollar dipped below ¥104 in the early morning on selling prompted by the Nikkei stock average’s fall.

In midmorning trading, the greenback was pushed up by buying for settlement purposes by Japanese importers. But such real demand-backed buying subsided soon. After staying standstill, the dollar briefly topped ¥104.10 in the late afternoon, thanks to buying induced by the U.S. currency’s strengthening against the euro and British pound.

“The dollar is expected to remain vulnerable to headline news about (Brexit) talks between Britain and the European Union,” an official at a Japanese bank said, adding that players are waiting to see the effects of the just-started coronavirus vaccination in Britain.

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