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its climb.

The dollar was changing hands at 102,69 yen in Tokyo afternoon trade, down from 103,19 yen in New York last Friday but still up from the lower 102-yen range seen before the Tokyo market closed last Friday.

The euro was quoted at US$1,2841 and 131,86 yen against US$1,2834 and 132,44 yen in US trade.

The dollar was supported at 102,60 yen and could test 104 yen in the short-term after breaching 103 yen late on Friday, said Citibank Japan chief forex strategist Osamu Takashima.

The greenback dipped early yesterday after Economy, Trade and Industry Minister Akira Amari suggested the Japanese government may not want the yen to weaken further.

Responding to a question on how far the unit should fall, Amari said: “It’s being said that the correction of the strong yen is largely completed. If the yen keeps on weakening a lot more, it will have a negative impact on peoples’ lives (by pushing up import costs).”

His comment came after the dollar rose past the 103-yen mark for the first time in more than four years late Friday, making a 3 percent gain in the past week alone and a 30 percent rise since mid-November.

The yen started tumbling in December after Prime Minister Shinzo Abe launched his successful campaign for office on a pro-spending, weak-yen platform. Recent solid data on the US economy fuelled the dollar’s ascent.

Daisaku Ueno, senior forex strategist at Mitsubishi UFJ Morgan Stanley, said the dollar fell early yesterday as some traders used Amari’s comments as “an excuse to take profits after the dollar breached 103 yen”.

The dollar was mixed against other Asia-Pacific currencies.

It fell to Sg$1,2551 yesterday afternoon from Sg$1,2564 on Friday afternoon, to 9 770 Indonesian rupiah from 9,798 rupiah and to 1 117,15 South Korean won from 1 117,36 won.

The US unit rose to 55,01 Indian rupees from 54,91 rupees and to 29,87 Thai baht from 29,81 baht while holding steady at 41,21 Philippine pesos.

The Australian dollar firmed to 97,76 US cents from 97,48 cents while the Chinese yuan changed hands at 16,69 yen against 16,66 yen. — AFP.