The dollar slipped against the yen on Monday on concerns that a U.S. recession could dent stock prices but steadied after the head of the European Central Bank raised a warning about currency exchange rates.

The dollar rose to 102.02 yen at 2:49 p.m. in New York compared to 101.40 yen late Friday after hitting an intra-session low of 101.57 yen.

ECB President Jean-Claude Trichet raised his concern about the euro's appreciation.

In the present circumstances, we are concerned about excessive exchange rate moves, he told reporters in Basel Switzerland, according to the Associated Press.

The euro was trading at $1.5338 compared with $1.5335 in New York late Friday. The Euro hit an all-time high on Friday at $1.5449.