The dollar was lower below ¥108.90 in Tokyo trading late Thursday, weighed down by growing concerns over an economic slowdown due to a further spread of the pneumonia-causing new coronavirus.

At 5 p.m., the dollar stood at ¥108.85-86, down from ¥109.10-10 at the same time on Wednesday. The euro was at $1.1011-1011, up from $1.1005-1005, and at ¥119.86-86, down from ¥120.07-08.

The dollar fell below ¥109 in midmorning trading, with the benchmark 225-issue Nikkei average extending losses after a lower start, traders said.

Falls in other Asian stock markets including Hong Kong also pressured the dollar against the yen, traders said.

The greenback fell below ¥108.90 in the afternoon, as the yen attracted safe-haven buying amid lingering concerns over an economic slowdown stemming from the coronavirus outbreak in China, traders said.

“Negative effects (of the disease) on China and the global economy appear inevitable,” with the Chinese government strengthening its travel ban and some foreign airlines suspending China flights, a Japanese bank official said.

A wait-and-see mood prevailed in the currency market ahead of the Bank of England’s policy-setting meeting and the release of U.S. gross domestic product data for October to December, both later on Thursday, traders said.