The dollar fell to around ¥103.70 in Tokyo trading Friday amid a lack of major buying incentives.

At 5 p.m., the dollar stood at ¥103.69, down from ¥104.03 at the same time Thursday. The euro was at $1.2135, down from $1.2142, and at ¥125.82, down from ¥126.32.

The dollar moved narrowly around ¥103.80 in the morning after dropping below ¥103.60 in overseas trading on selling prompted by U.S. Federal Reserve Chairman Jerome Powell’s remarks suggesting no change in the current asset-purchasing program.

Market players refrained from active trading ahead of the three-day weekend in the United States, on top of the dearth of market-moving news.

The greenback slipped through ¥103.70 after the Japanese currency strengthened against the euro and the Australian dollar in late afternoon trading amid growing concerns about possible European and U.S. stock sell-offs, traders said.

U.S. President-elect Joe Biden’s announcement of a $1.9 trillion coronavirus relief plan affected little the dollar-yen pair because it had already been priced in, an asset manager said.

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