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The dollar crept down to around ¥108.70 in Tokyo trading Monday amid a cautious mood spurred by the Japanese and U.S. central banks’ moves last week.

At 5 p.m., the dollar stood at ¥108.68, down from ¥108.74 at the same time Friday. The euro was at $1.1884, down from $1.1932, and at ¥129.17, down from ¥129.77.

The dollar slipped through ¥108.60 early in the morning in the wake of the Turkish lira’s plunge on the ousting of Turkey’s hawkish central bank chief.

The greenback rebounded to top ¥108.90 in midmorning trading thanks to Japanese importers’ buying for settlement purposes, but it soon headed south on selling prompted by the 225-issue Nikkei average’s tumble and a downturn in U.S. long-term interest rates in off-hours trading.

The dollar failed to regain strength in the afternoon, repeating minor ups and downs mostly in the ¥108.70 zone.

Active dollar-yen transactions were put on hold, after the Bank of Japan scrapped its policy of purchasing around ¥6 trillion in exchange-traded funds a year and the Federal Reserve said the ongoing bank capital relief amid the coronavirus crisis will end on March 31, traders said.

A currency broker noted that the moves by the BOJ and the Fed “have made some players think it unadvisable to pin excessive hopes on central banks’ coronavirus relief measures.”

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