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The dollar fell below ¥104 in Tokyo trading Monday as investors clung to the fence ahead of key monetary policy meetings and to see the future course of trade talks between the European Union and the U.K.

At 5 p.m., the dollar stood at ¥103.91, down from ¥104.05 at the same time Friday. The euro was at $1.2150, up slightly from $1.2130, and at ¥126.27, up marginally from ¥126.22.

The dollar moved on a weak note below ¥104 yen in early trading in line with its drop against the British pound that came after the EU and Britain agreed Sunday to continue their free trade talks.

Although the greenback retook ¥104 later in the morning thanks to real demand-backed buying, its topside was capped as players reacted little to a further improvement in business sentiment shown in the Bank of Japan’s key tankan quarterly survey for December and a resultant upswing in Japanese stock prices.

With the central banks of the United States, Japan and Britain slated to hold monetary policy meetings this week, players are eager to confirm the countries’ policy stances and economic views, an official at a Japanese securities firm said.

Attention will also be paid to the EU-Britain trade negotiations and talks in the United States on additional economic measures to help mitigate the impacts of the novel coronavirus crisis, market sources said.

“Dollar-yen trading was lackluster in the afternoon, with the pair struggling to find a direction,” a currency broker noted.

In late trading, the dollar slipped through ¥104 following pound buying by European players.

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