The dollar dipped against the yen in Asian trade on Thursday ahead of a two-day meeting of finance ministers and central bank chiefs of the Group of 20 nations.
The greenback fell to 98.08 yen, compared with 99.19 in New York late Wednesday.
The euro was at 127.96 yen against 127.97 yen in the United States after slipping as low as 126 yen Monday. The euro also fetched US$1.3045 compared with US$1.3033 in New York.
But traders expect the dollar to resume its climb if the Bank of Japan’s (BoJ’s) huge easing programme comes out of the G20 meeting in Washington without attracting too much criticism as a deliberate currency-devaluing move.
Citibank Japan chief forex strategist Osamu Takashima said in a note that the dollar could break through the 100-yen level after the G20 meeting, which starts later Thursday.
“The yen is unlikely to come under fire, although emerging countries may voice their complaints” about a weakening Japanese unit as a result of the BoJ’s radical easing, Takashima said.