The dollar remained weak around ¥109 in late Tokyo trading Wednesday after changing hands below the level for most of the day on receded hopes over a U.S. economic recovery.

At 5 p.m., the dollar stood at ¥108.99, down from ¥109.31 at the same time Tuesday. The euro was at $1.1957, up from $1.1902, and at ¥130.32, up from ¥130.12.

In overseas trading Tuesday, the dollar eased to around ¥109, as a wave of selling hit the greenback on concerns over a delay in the U.S. economic recovery after federal health agencies requested a halt in the use of a coronavirus vaccine developed by U.S. health care giant Johnson & Johnson.

The U.S. currency weakened further to below ¥108.80 in Tokyo on Wednesday morning, weighed down by a fall in the 225-issue Nikkei average.

Helped by the resilience of U.S. long-term interest rates in off-hours trading, the greenback slightly trimmed its losses and moved around ¥108.90 in the afternoon.

After weakening slightly in the late afternoon on selling by foreign players, the dollar moved to around ¥109 partly thanks to a modest rise by the U.S. interest rates.

Many market sources agreed that the dollar-yen pair has entered a correction after its recent ascent.

The dollar “is expected to be swayed by the U.S. economic trend and the coronavirus infection situations,” an official at a Japanese bank said.

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