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Greenback slips in Asia ahead of US Federal Reserve meeting

TOKYO--The dollar slipped in Asia on Monday as investors adjusted positions ahead of a key U.S. Federal Reserve policy meeting this week which could see the bank announce a cut to its stimulus program.

The greenback — which had touched a five-year high 103.93 yen on Friday before easing later in the day — fetched 102.84 yen in Tokyo afternoon trade, against 103.23 yen in New York Friday.

The euro, which also hit a five-year high of 142.83 yen against the yen on Friday before falling back — bought 141.41 yen compared with 141.81 yen in New York. The single currency bought US$1.3752 from US$1.3738.

The dollar-yen rate also weakened as markets took a cue from falling Japanese share prices, said a senior dealer at a major bank in Tokyo.

The Japanese stock market and the dollar-yen rate are closely linked, with a weaker yen positive for shares of exporters such as Toyota and Sony.

Currency rates hardly moved soon after the Bank of Japan released said its Tankan survey of business confidence had hit a six-year high in the October-December period, underscoring growing optimism among major firms.

The dollar was mixed against other Asia-Pacific currencies.

The greenback rose to 12,120 Indonesian rupiah from 12,030 rupiah on Friday, to 62.20 Indian rupees from 62.13 rupees.

It inched lower to 1,052.55 South Korean won from 1,052.95 won, to SG$1.2553 from SG$1.2564, to 44.17 Philippine pesos from 44.21 pesos, and to 32.02 Thai baht against 32.08 baht.

The Australian dollar edged up to 89.52 U.S. cents from 89.36 cents Friday afternoon.

The Australian unit fell below the 90 U.S. cent mark last week as the head of the country's central bank said he wanted to see it at 85 U.S. cents to help stimulate trade-exposed sectors of the economy.

The Chinese yuan weakened to 16.91 yen from 17.06 yen.

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