The dollar slipped against the yen on Monday but remained within a hair's breadth of the key 100 level after major industrialised nations gave a stamp of approval to a massive Japanese easing program, which has eroded the currency. Japan officials said that the Group of 20 leading economies accepted that the country's $1.4 trillion stimulus program is aimed at conquering 15 years of deflation rather than at weakening the yen.
In response, the dollar climbed as high as 99.90 yen, within striking distance of a four-year high of 99.95 set on April 11 and the 100 level, where option barriers are said to be lined up. At 1113 EDT (1513 GMT), it was at 99.240 yen, down 0.26 percent. The euro also remained vulnerable against the dollar on central bank expectations. On Monday the single currency fell 0.16 percent to $1.3030.
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