The U.S. dollar rose against the yen in Asian trading early Tuesday as traders bid up the dollar after a moderate easing of oil prices. The dollar bought 110.77 yen on the Tokyo foreign exchange market at 11 a.m. (0200 GMT) Tuesday, up 0.49 yen from late Monday and above the 110.61 yen it bought later that day in New York. The euro fell to US$1.2214 from US$1.2326 late Monday, ending an upward trend last week following U.S. Federal Reserve Chairman Alan Greenspan's warning that creeping trade protectionism and bloated budget deficits posed a risk to the United States' long-term economic vitality. Analysts had said the dollar's losses against the euro could be temporary, saying that oil prices could affect currency rates and reverse recent downward trends. In New York Monday, the dollar had moved broadly higher, buoyed by a decline in crude oil futures and by optimism ahead of a slate of U.S. economic data due later this week. A barrel of light crude settled at US$67.20 a barrel on the New York Mercantile Exchange after earlier surging above $70, as investors found relief in reports that U.S. President George W. Bush may release oil from the nation's petroleum reserve. But analysts and traders were skeptical about whether the dollar's rise will last. Though Japan is more reliant than the U.S. on imported oil, its efficiency in energy use, achieved after two oil crises in the 1970s, would enable Japan to manage the impact of high oil prices better than the U.S, a study by the International Monetary Fund said in March. Against other Asian currencies, the U.S. dollar climbed higher against the Indonesian rupiah and Thai baht, but was little changed in other regional currencies.