TOKYO (AFX-ASIA) - The dollar was slightly weaker against the yen in midafternoon trading, hit by profit-taking in the run-up to today's US FOMC meeting, dealers said. The consensus view is that the US Federal Reserve will cut short-term interest rates by 25 basis points and maintain an easy monetary policy bias, they said. Hachijuni Bank dealer Naoya Kozu said a minority of market commentators think today's FOMC meeting may even result in a 50 basis points cut. "The 25 basis point rate cut may disappoint those who are expecting a 50 basis point rate cut, although any impact may be short-lived," he said. "The market will also try to see near-term policy management stance to be shown in a statement, with the consensus view suggesting that there will be another 25 basis point cut at the October meeting." Reported remarks by Finance Minister Masajuro Shiokawa ruling out direct intervention in the market as a means of stemming the appreciation of the yen failed to have a lasting impact on the market, dealers said. The finance minister also voiced support for the Bank of Japan's reluctance to introduce so-called inflation targeting, but added that he wants the central bank to consider ways to "adjust prices". "A strong wait-and-stance mood ahead of the FOMC meeting made any impact of his remarks negligible," Kozu said. With underlying concerns over economic problems in the US remaining strong, the dollar may come under pressure again once the US FOMC meeting is out of the way, dealers said. Hachijuni's Kozu said he cannot still rule out the possibility that the dollar may be pushed to below the 120 yen level over the next one or two weeks following the FOMC meeting. The euro was boxed in narrow trading ranges ahead of the release of European indicators such as German CPI and the Ifo Business Climate indicator, dealers said. "The consensus view in the market is that the ECB is likely to cut rates at the next ECB meeting, but, even with such a positive news, the euro may confront difficulties in extending its gains above the 0.92 usd level," Kozu said.