Dollar jumps in Asian trade after G7 meeting

TOKYO: The dollar broke through the 102-yen level in Asian trading Monday after Tokyo sidestepped criticism over the unit's steep decline at a weekend Group of Seven (G7) meeting in Britain.

Speculation that the US Federal Reserve could be the first among major central banks to roll back its huge monetary easing policy also boosted the dollar as data pointed to a brighter outlook for the world's biggest economy.

Markets are keeping a close eye on US retail sales later in the day and a batch of Chinese economic data, dealers said.

"The general theme is that the US dollar is dominating proceedings," said Tim Waterer, senior trader at CMC Markets in Sydney.

The greenback bought 102.04 yen in morning Tokyo trade, against 101.62 yen in New York on Friday. It settled back to 101.85 yen later Monday afternoon.

The euro also gained on the Japanese currency at 132.16 yen from 132.03 yen in US trading, while it weakened against the dollar to $1.2974 from $1.2993.

Traders cheered the outcome of the G7 talks, which began a day after the dollar cracked the 100-yen level for the first time in four years.

Finance officials vowed not to weaken their currencies, but did not directly criticise Japan for the yen's rapid fall due to the Bank of Japan's aggressive easing policy.