The dollar was slightly weaker at around ¥111.80 in late Tokyo trading on Thursday, weighed down by signs of a slower pace of U.S. interest rate increases.
At 5 p.m., the dollar stood at ¥111.82-82, down from ¥111.94-94 at the same time on Wednesday. The euro was at $1.1243-1243, up from $1.1175-1176, and at ¥125.74-74, up from ¥125.10-10.
The dollar fell to around ¥111.50 in early trading after the minutes of the Federal Reserve’s May 2-3 policy meeting gave an impression that the U.S. central bank has become more dovish than before.
The minutes showed Fed policymakers saw it “prudent” to confirm whether recent sluggish economic indicators were temporary, before taking action.
The dollar rebounded to around ¥111.70 in midmorning trading on a rise in Japanese stock prices and due to purchases by Japanese importers.
After moving in a narrow range around ¥111.60 in the afternoon, the dollar regained some upward momentum and rose close to ¥111.90 briefly in late trading.