Dollar-yen pairing at a stand-off in Asia

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From International Desk - International Currency News

The dollar was little changed against the yen in Asian trade Friday as players waited to see how Group of 20 finance ministers in Washington would react to Japan's huge easing measures.

The greenback had slipped to 98.17 yen in Tokyo trade, compared with 98.23 in New York late Thursday. The euro was at 128.16 yen against 128.21 yen, while fetching $1.3055, compared with $1.3050 in New York. The dollar had firmed against the yen but weakened against the euro overnight after a series of disappointing US economic indicators, including a rise in jobless claims and a slowing of manufacturing activity in the mid-Atlantic.

Analysts said the G-20 was unlikely to voice major concern over Japan's big easing moves, with the country's finance minister and chief central banker expected to tell their counterparts they were targeting inflation, not the exchange rate.

"Barring a major crisis akin to Italy after the last G-20 meeting, the yen will further weaken post-summit," Hideyuki Ishiguro, assistant manager at Okasan Securities, told Dow Jones Newswires.

"On the surface, it would seem a bit hypocritical for Europe or the United States to give Japan flak over policies that they themselves have implemented over the years," an equity strategist at a foreign brokerage also said to the business newswire.

"But regardless, lingering uncertainty has had an effect on currency markets this week, contributing to a somewhat turbulent stock market."

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