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The dollar dropped to around ¥104.80 in Tokyo trading Tuesday due partly to a decline in U.S. interest rates and higher crude oil prices.

At 5 p.m., the dollar stood at ¥104.77-78, down from ¥105.47-48 at the same time Monday. The euro was at $1.2080-2081, up from $1.2040-2040, and at ¥126.58-58, down from ¥127.00-00.

After sliding to around ¥105.10 in overseas trading, the dollar sank below ¥105 in the Tokyo morning on position-squaring selling by Japanese exporters in view of a fall in U.S. long-term interest rates in off-hours trading.

Dollar selling vis-a-vis the yen was also prompted by the greenback’s drops against currencies of resource-rich countries on the back of higher crude oil prices.

A downturn in U.S. stock index futures, a further U.S. interest rate fall and euro buybacks by European players pushed the U.S. currency below ¥104.80 in late trading.

“The dollar-yen pair’s uptrend took a pause” as U.S. interest rates stopped rising, an official at a foreign exchange margin trading service firm said.

Players are increasingly waiting for Wednesday’s speech by U.S. Federal Reserve Chairman Jerome Powell, a market source said.

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