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Trading was subdued with many key markets shut on Monday for the
Christmas holidays.
The greenback was down 0.2 percent at 117.300 yen. The euro was
steady at $1.0457.
Currencies took stock of the U.S. debt market, which saw the
benchmark 10-year note yield end lower on Friday.
The yield pulled back from 27-month peaks scaled mid-month
following Friday's release of U.S. economic indicators that
included strong housing and consumer confidence data but also
numbers that pointed to slower household income.
"The currency market is likely to lack incentives as major
markets in Asia, Europe and North America will be closed. That
said, dollar/yen risks drifting below 117 on caution toward the
Trump administration's protectionist policies," said Masafumi
Yamamoto, chief currency strategist at Mizuho Securities in
Tokyo.
U.S. President-elect Donald Trump last week named economist
Peter Navarro, known as a China hawk, to head a newly formed
White House National Trade Council.
The Australian dollar was flat at $0.7178 <AUD=D4> after dipping
to $0.7160 on Friday, its lowest since May, following a media
report saying Chinese President Xi Jinping was open to growth
China's economy falling below 6.5 percent.
Australia is sensitive to the economic prospects of China, its
major trading partner.
(Reporting by Shinichi Saoshiro; Editing by Eric Meijer)
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