The dollar gave up earlier gains to move around ¥109.50 in late Tokyo trading Monday, in response to a drop in U.S. long-term interest rates.

At 5 p.m., the dollar stood at ¥109.45, down from ¥109.50 at the same time Friday. The euro was at $1.1872, down from $1.1898, and at ¥129.95, down from ¥130.29.

Following its jump over ¥109.90 in overseas trading, the dollar searched for direction at around ¥109.70 in the Tokyo morning while real demand-backed buying and selling were both active.

The greenback fell to around ¥109.40 in the late afternoon in the wake of an accelerated drop in U.S. long-term interest rates, after moving mostly in ¥109.50 terrain amid a dearth of powerful trading incentives.

“The dollar-yen pair has been sensitive to falls in U.S. interest rates” since its ascent came to a halt, a currency broker said.

“Still, the dollar’s underlying firmness remains unchanged,” a Japanese bank official said.

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