TOKYO , Jan. 8 -- ( Kyodo ) _ The U.S. dollar rose to the upper 104 yen zone Wednesday morning in Tokyo , inheriting strength from New York trading overnight where it gained on a sharp decline in the U.S. trade deficit. At noon, the dollar fetched 104.85-86 yen compared with 104.55-65 yen in New York and 104.35-37 yen in Tokyo at 5 p.m. Tuesday . The euro was quoted at $1.3627-3629 and 142.87-91 yen against $1.3611-3621 and 142.38-48 yen in New York and $1.3618-3620 and 142.11-15 yen in Tokyo late Tuesday afternoon. Dollar-buying took the upper hand against the yen after U.S. trade data showed the deficit shrank 12.9 percent in November from the previous month to $34.2 billion , its lowest level since October 2009 . The dollar's rise in Tokyo was also helped by importers buying the U.S. currency on speculation it is unlikely to drop significantly in the near future, said a senior dealer at a major Japanese bank. But the market is not expected to move dramatically as "the jobs data are just ahead and players are unwilling to shift on long positions too much," the dealer said, referring to U.S. nonfarm payrolls data for December due on Friday. The euro was mostly unchanged against the dollar but rose against the yen gaining buoyancy from overseas trading where a risk-on mood led to yen-selling. The euro dropped during Japan's New Year holidays through Sunday "for no apparent reason" despite the eurozone's trade surplus being a buying factor, the dealer said, adding, "It should pick up as things return to normal."
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