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The dollar eased against the yen in Asia on Monday, weighed down by selling by Japanese exporters.
The dollar traded at 83.19 yen in Tokyo morning trading, down from 83.42 yen in New York late Friday.
The euro fell to $1.3539 from 1.3546, and to 112.65 yen from 112.99.
"Selling from Japanese exporters capped the dollar's topside at around 83.50 yen," said Gen Kawabe, dealer at Chuo Mitsui Trust and Banking.
The euro fell against the dollar in line with higher US Treasury yields, dealers said.
Also weighing on the euro were questions over who will head the European Central Bank after Jean-Claude Trichet's retirement later this year.
Soichiro Mori, a senior analyst at FXOnline Japan, told Dow Jones Newswires: "That may drastically change investors' view on the ECB's future interest rate hikes."
The euro came under pressure late last week from news of the resignation of Germany's central bank chief Axel Weber, confirming he is no longer in pole position to become the next European Central Bank chief.
Having a German succeed in the ECB job would have strengthened the voice of Chancellor Angela Merkel as the ECB scrambles to cope with a sovereign debt crisis that has shaken the eurozone to its foundations.
Weber's pull-out opens the way for his main rival, Italy's Mario Draghi.
The currency market showed only muted reaction to Japan's gross domestic product data released early in the morning.
The government said real GDP slipped by an annualised 1.1 per cent in the October-December quarter as the expiration of auto subsidies hit car sales, a new tobacco tax sapped cigarette demand and a strong yen hurt exports.
But the quarterly figure beat analysts' expectations of a 2.4 per cent contraction according to a Dow Jones Newswires poll of economists.
The Bank of Japan on Monday starts a two-day policy meeting, where it is widely expected to keep interest rates near zero.
The BOJ is unlikely to react to fluctuations on the short-term business cycle at this moment and is expected to simply hold on to its easy monetary policy, Credit Agricole chief Japan economist Susumu Kato told Dow Jones.
Post date: 2011-02-15 10:24:46
Post date GMT: 2011-02-15 03:24:46
Post modified date: 2011-02-16 06:07:20
Post modified date GMT: 2011-02-15 23:07:20
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