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The dollar was almost unchanged around ¥103.70 in Tokyo trading Monday, with a wait-and-see mood growing ahead of a two-day policy-setting meeting of the U.S. Federal Reserve.

At 5 p.m., the dollar stood at ¥103.70, up marginally from ¥103.67 at the same time Friday. The euro was at $1.2178, up from $1.2156, and at ¥126.28, up from ¥126.03.

The dollar was stuck in a narrow band around ¥103.70 before the start of the Fed’s Federal Open Market Committee meeting Tuesday, except for a rise in midmorning to around ¥103.90 on buying by Japanese importers for settlement purposes and a subsequent drop on position-squaring selling.

The yen’s depreciation against the dollar came to a halt as risk sentiment receded slightly on the back of some Republicans and others voicing opposition to a large-scale coronavirus relief package, a trust bank official said.

As for the FOMC meeting, investors were waiting for, if any, Fed Chairman Jerome Powell’s remarks on tapering, an official at a foreign exchange margin trading service firm said.

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