TOKYO (AFX-ASIA) - The dollar was lower against the yen in mid-afternoon trading, hit by profit-taking after the Ottawa meeting of G-7 finance ministers failed to provide fresh trading leads, dealers said. The G7 finance ministers' and central bank governors' statement made no mention of Japan, while referring to strengthened prospects for a resumption of growth in the G7 economies as a whole. Growing hopes for progress on talks for a deflation-fighting package, including measures to resolve bad debt also supported the yen, together with the sustained gains on the local equity market, dealers said. Bank of Yokohama foreign exchange assistant manager Hiroshi Ishihara said investors should also be alert to remarks on the foreign exchange market by US President George W Bush, who will visit Japan later this week. "We should take into more consideration the fact that US manufacturers are stepping up opposition to a weaker yen policy," he said. Bush and representatives of the Big 3 US carmakers are scheduled to meet this week prior to his visit to Japan. "The market has so far been focused on comments from the Japanese authorities since the start of this year, but it may shift attention more to voices from the US," Ishihara said. "Overall, the dollar appears to have already peaked out of the rising trend, and it will be exposed more to downside risk due to a possible change in stance on foreign exchange by the US government." The euro was rangebound against the dollar due to a lack of follow-through buying from institutional investors, who are watching closely whether Wall Street can sustain the rebound it started on Friday, dealers said. "At least for now, however, the euro looks to be free from the downside risk," Ishihara said.