Dollar drifts lower against Japanese yen on cautious Fed view

The dollar was lower against the yen in Asian trade Monday, as investors expect the U.S. Federal Reserve will maintain its cautious stance on raising interest rates.

The greenback USDJPY, -0.17%  drifted lower to as low as ¥111.38, its lowest level since March 21, earlier in the session before rising slightly to ¥111.48. That compared with ¥111.72 late Friday in New York.

The dollar was continuing to see a weak tone against the Japanese currency its muted reaction, even with upbeat readings in the U.S. March jobs data and March ISM manufacturing index Friday.

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