MARKETS-FOREX (UPDATE 2):FOREX-Dollar slips vs yen, euro in light trade * Dollar hit by Japanese exporter selling * Nikkei falls 2.4 percent, risk aversion lifts yen * Activity subdued due to year-end holidays By Rika Otsuka TOKYO, Dec 24 (Reuters) - The dollar slipped against the yen on Wednesday, pressured by selling from Japanese exporters a day after dismal U.S. growth and housing data suggested a prolonged recession ahead. The euro rose versus the dollar after European Central Bank President Jean-Claude Trichet said on Tuesday that market participants have underestimated the importance of the steps the central bank has taken so far, cooling expectations for a euro zone interest rate cut in January. Activity was light as many traders and investors in Asia had left for the holidays, while those who were still working concentrated on position-squaring, reluctant to take fresh positions.

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