TOKYO, Oct. 11 (Kyodo) - By: Yoshino Matsui The U.S. dollar was almost unchanged against the yen in Tokyo on Thursday from its level in New York late Wednesday as investors paid little attention to policy-setting meetings by the Japanese and European central banks. At 5 p.m., the dollar was quoted at 120.38-41 yen, compared with Wednesday's 5 p.m. quotes of 120.30-40 yen in New York and 120.47-49 yen in Tokyo. During the day, the dollar moved between 120.16 yen and 120.47 yen, trading most frequently at 120.25 yen. At 5 p.m., the euro changed hands at $0.9107-9110 and 109.65-69 yen compared with $0.9100-9110 and 109.55-65 yen at 5 p.m. Wednesday in New York. On Thursday, the Bank of Japan (BOJ) began a two-day Policy Board meeting, while the European Central Bank (ECB) is set to announce Thursday night Japan time whether it will change its monetary policy after holding a council meeting in Vienna. But currency market players paid little attention, as the two central banks, together with the U.S. Federal Reserve, have already drastically loosened their credit grip to minimize the negative impact on the global economy from September's terror attacks on the United States. "In addition, officials of both the ECB and the BOJ have recently suggested they didn't see any urgent need to further ease credit," a hedge fund manager said. A dealer at a Japanese bank said the market is mostly concerned about new terror attacks following the launch of U.S.-led air strikes on the Taliban in Afghanistan. Analysts predict the dollar will face a sell-off if there are more terrorist incidents, but otherwise the U.S. currency will fluctuate within a tight range against the yen. "Concerning spot dollar-yen trading, investors' stance has become completely neutral, and this is creating a standstill in the (currencies)," said Hideyuki Tsukamoto, a manager at Fuji Bank. Investors decided to adopt the stance for the time being after seeing both considerably powerful negative and positive factors for the U.S. currency, dealers said. While the Sept. 11 terror attacks will undoubtedly damage the U.S. economy further and may even drag it into recession, the BOJ's determination to maintain dollar appreciation against the yen will hurt short-dollar positions, they said. The dollar briefly firmed to test 120.50 yen shortly after 3 p.m., with players selling the yen to pocket profits on the Japanese currency's overnight gains in London. But the selling had no follow-through, and the dollar was pushed back to the lower levels of 120 yen in late deals, dealers said.