The dollar weakened to around 114.40 yen in Tokyo trading Thursday.

At 5 p.m., the dollar stood at 114.40-41 yen, down from 115.40-40 yen at the same time Wednesday. The euro was at 1.1463-1464 dollars, up from 1.1357-1361 dollars, and at 131.15-16 yen, up from 131.07-08 yen.

The dollar slipped through 114.40 yen early in the morning on selling by short-term players amid receding expectations for faster tightening by the U.S. Federal Reserve, an official at a foreign exchange margin trading service firm said.

But the greenback soon attracted bargain hunting on the back of unchanged prospects for the U.S. currency’s middle- to long-term uptrend, an official at an online securities firm said.

The currency market has been pricing in the Fed’s first rate hike this year in March, traders noted.

After fluctuating mostly between 114.50 yen and 114.70 yen, the dollar sank to the vicinity of 114.40 yen in late afternoon trading joined by European players.

JIJI Press