The U.S. dollar was lower against its major rivals Monday afternoon in Asian trading, with stronger-than-expected Japanese economic data helping boost the yen's value.
The dollar was trading at 104.55 yen on the Tokyo foreign exchange market Monday afternoon, down 0.74 yen from late Friday.
The U.S. currency also slipped against the euro. The 12-nation European currency rose to US$1.3272 at afternoon from US$1.3190 late Friday.
The U.S. dollar was mixed against other regional currencies. It fell to 1.6258 Singapore dollars from 1.6324 Friday, and to 38.320 Thai baht from 38.360.
But the dollar rose to 9,278 Indonesian rupiah from 9,266, to 54.82 Philippine pesos from 54.68, and to 43.63 Indian rupees from 43.65.
The dollar was weak in early trading against the yen after dipping Friday in New York due to a revision to U.S. growth figures that disappointed investors.
The fourth-quarter gross domestic product figure was revised up to 3.8 percent from an earlier reading of 3.1 percent. But the change failed to impress market players who had hoped for an even stronger figure, which could have prompted a rate hike by the U.S. Federal Reserve.
Strong growth sometimes prompts central banks to hike interest rates as a precaution against inflation. In turn, higher interest rates usually boost a currency by making assets denominated in that currency more attractive to investors.
Also hurting the greenback was the release Monday of Japan's stronger industrial output data, which eased concerns about the country's economic health.
The yen was further boosted by a larger-than-expected 2.2 percent on-year rise in Japanese retail sales in January. The data eased recent yen-bearish sentiment prompted by gross domestic product data released earlier in the month that showed Japan's economy contracted for three straight quarters last year.
"The yen has underperformed because of the pessimistic view on the economy," JP Morgan Chase Bank of Tokyo chief currency strategist Tohru Sasaki.
Sasaki said speculators would now look more favorably on Japan's economic performance after Monday's strong data.
"If the numbers (in Japan's economic data) continue to show strength, short-term players will have to unwind their short yen positions," which may lead to further yen rises, he said.