Dollar rises as investors focus on Fed meeting

The dollar was moderately higher against the yen in Asia trade Monday, after dip buying helped mitigate earlier losses despite risk averse sentiment.

The greenback USDJPY, +0.20%  was at ¥121.14 after hitting ¥120.63 earlier in the session. The U.S. currency was at ¥120.87 late Friday in New York after touching a one-month low of ¥120.58.

Amid tumbling oil prices and global stock market weakness, sentiment has been bruised in Asia with the benchmark Nikkei Stock Average NIK, -1.80%  losing more than 600 points early in the morning, dragging on the dollar’s upside momentum against the yen. But dip buying kicked in to bring the dollar higher later in the session.

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