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The dollar sank below ¥103.70 in Tokyo trading Wednesday, in the wake of U.S. long-term interest rates’ downturn.

At 5 p.m., the dollar stood at ¥103.69-69, down from ¥104.16-16 at the same time Tuesday. The euro was at $1.2203-2203, up from $1.2163-2163, and at ¥126.53-54, down from ¥126.69-70.

Extending its weakness in overseas trading caused by a drop in U.S. long-term interest rates following a solid auction of 10-year Treasury notes, the dollar fell to around ¥103.50 in the morning.

But the dollar-yen pair showed some resilience after players moved to sell the euro amid unabated spread of the novel coronavirus in Europe.

“Buy orders for the dollar lined up at around ¥103.50,” a currency broker also said.

In the afternoon, the dollar largely went sideways between ¥103.60 and ¥103.70 due to a dearth of fresh trading incentives.

Active transactions were held in check ahead of U.S. President-elect Joe Biden’s announcement of his administration’s economic policy and Federal Reserve Chairman Jerome Powell’s speech, both slated for Thursday, traders said.

But an asset manager noted that Biden and Powell “won’t say anything surprising.”

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