By TAKASHI MOCHIZUKI The dollar fell against the yen Wednesday in Asia as non-Japanese investors sold the Japanese currency to take profits ahead of an upcoming meeting between the leaders of Japan and the U.S. Prime Minister Shinzo Abe will travel to the U.S. to meet President Barack Obama on Friday. Investors stayed on the sidelines as they waited to confirm whether Mr. Obama will back Mr. Abe's recent policies to reflate the ecnonomy, known as "Abenomics." Some countries have voiced concerns that these policies are aimed at artificially weakening the yen. "Mr. Obama backing Abe's policies, or even saying nothing, would be positive for the dollar," said Takumi Nomura, a senior dealer at Bank of Tokyo-Mitsubishi UFJ. "We just want to confirm he isn't opposed." At 0450 GMT, the dollar was at Y93.41 from Y93.59 in New York Tuesday. The dollar had a soft tone compared with recently rising U.S. Treasury yields, which are often correlated with the greenback. Investors say that's because investors were selling U.S. currency that they had recently stocked up on to to take profits. Elsewhere, the euro was at Y125.25 and $1.3410 from Y125.30 and $1.3388. The Wall Street Journal Dollar Index, which tracks the U.S. dollar against a basket of currencies, was at about 71.771 from 71.871.

Source