Investing.com - The dollar was lower against the yen on Monday as a political impasse over the U.S budget and debt ceiling continued, after weekend talks in Washington failed. USD/JPY hit 98.14 during late Asian trade, the session low; the pair subsequently consolidated at 98.26, shedding 0.30%. The pair was likely to find support at 97.75, the low of September 18 and resistance at 98.58, Friday’s high. Negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default. Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action� to break the deadlock. Market sentiment was also hit after Chinese trade data over the weekend showed that exports unexpectedly slowed in September, sparking renewed concerns over the outlook for global demand. Elsewhere, the yen was slightly higher against the euro, with EUR/JPY slipping 0.13% to 133.26. The euro zone was to release data on industrial production later in the trading day.

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