Dollar moves little against the yen

The dollar was little changed against the yen and down slightly versus the euro in Asian trading Wednesday morning, following a slip in the yen overnight on concerns about oil prices.

The dollar bought 111.31 yen in Tokyo late morning, up 0.24 yen from late Tuesday but nearly unchanged from the 111.29 yen it bought later that day in New York. The euro rose to US$1.2223 from US$1.2216 late Tuesday. The dollar continued to hold steady against the euro, and the dollar moved little in either direction from its overnight gain against the yen.

In New York trading, the yen fell against the euro and the dollar on pessimism about the Japanese economy. Recent economic reports out of Japan have generally been weak, such as slower growth in retail sales, a rise in the jobless rate and a fall in household spending.

The data added to the pressure that high oil prices have placed on Asian currencies. Japan imports almost all its oil and rising oil prices may hurt company profits and economic growth, AP reports.

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