Dollar slips against yen in Asia

The greenback was quoted at 103.72 yen midafternoon in Tokyo, down from 103.84 yen in New York late Monday.

"Fears over a U.S. credit crunch are weighing on the dollar, which is limiting any gains, but (those fears) aren't so strong as to cause an immediate tumble," said Masanobu Ishikawa, manager of foreign exchange at Tokyo Forex and Ueda Harlow.

The dollar was also under pressure as investors stayed on the sidelines ahead of the release of key U.S. economic data, including April retail sales due out later in the day. Investors were also wary ahead of speeches by U.S. central bank officials, including Federal Reserve Chairman Ben Bernanke, later in the day.

The euro stood at US$ 1.5560 in Tokyo midafternoon, compared with US$1.5544 in New York late Monday.

Traders said the single European currency would face pressure amid growing worries over a slowdown in the European economy.

In other Asian currencies, the dollar was quoted at 32.25 to the Thai baht, little moved from 32.14 in New York late Monday. The greenback stood at US$1.366 to the Singapore dollar, hardly moved from US$1.364 in New York late Monday.