Dollar rises as yen backtracks from sharp gains

The yen was moderately weaker against its rival currencies during Asian trade Monday, after sharp gains Friday following disappointment over the Bank of Japan’s surprisingly moderate monetary easing and weak U.S. economic growth.

The U.S. dollar USDJPY, +0.41%  to ¥102.49, compared with ¥102.04 late Friday in New York. The euro EURUSD, -0.0805%  to ¥114.46 from ¥114.17.

Earlier in the session, the greenback was initially tracking its weakness Friday. The U.S. currency then rose to an intraday high of ¥102.68 around lunch break, with Tokyo stocks turning into positive territory. The Nikkei Stock Average NIK, +0.40%  0.1% midday. But the dollar drifted lower for the rest of the session amid a lack of fresh trading cues.

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