/www.fxserver.com/ The dollar/yen eased only slightly in late morning, with attention focused on US currency policy after the appointment of railroad executive John Snow as Treasury Secretary, dealers said.
The Federal Reserve's decision to leave rates unchanged last night was in line with market expectations.
"People are just watching (the US) after the shake-up of the US economic team. In Japan there is not much news to lead on," said Osamu Takashima, forex manager at Bank of Tokyo-Mitsubishi.
Investors are also cautious ahead of the release of the Bank of Japan's Tankan survey of business conditions due Friday.
"There will not be an improvement in economic conditions. Japanese shares are not really doing much and there is the Tankan coming. There is a lot of bad news. I do not think things will improve," Takashima said.
"There is not a lot of movement in the euro. The ECB decision (to cut rates last week) came as no surprise and the Fed decision last night was in line with forecasts," he said.
Tokyo 10.55 am Sydney 10.45 am New York 3.15 pm
Dollar
yen 123.85 down from 123.93 123.63
sfr 1.4638 up from 1.4625 1.4597
Euro
usd 1.0065 down from 1.0076 1.0090
stg 0.6417 unchanged 0.6417 0.6418
yen 124.65 down from 124.86 124.76
sfr 1.4733 down from 1.4734 1.4732
Sterling
usd 1.5685 down from 1.5701 1.5712
yen 194.58 down from 194.63 194.26
sfr 2.2959 down from 2.2964 2.2941
Australian dollar
usd 0.5599 up from 0.5595 0.5591
stg 0.3569 up from 0.3564 0.3556
yen 69.34 down from 69.35 69.14