Yen Rangebound In Asia After Japan Growth Data

The yen was trading in a narrow range against the dollar Monday after Japan said its economy grew by 0.3 percent in the April-June quarter.

The greenback was quoted at 78.26 yen in Tokyo afternoon trade, virtually unchanged from New York late Friday.

The euro stood at $1.2294 and 96.25 yen, compared with $1.2291 and 96.16 yen.

Markets saw little reaction to Japan's weaker-than-expected growth announced by the government early Monday.

The Cabinet Office said the economy grew 0.3 percent in the quarter from the previous three months, its fourth consecutive rise but weaker than expectations for a 0.7 percent gain.

The yen is well-bid despite the data as "the (yen) is likely to be bought as a risk-aversion currency amid global growth slowdown worries", said Kengo Suzuki, a forex strategist at Mizuho Securities.

Suzuki also said caution over possible currency intervention by Japan remained, giving the yen firm support at 78.00 to the US unit.

Japanese Finance Minister Jun Azumi has repeatedly warned of stepping in to curb the yen's strength if necessary.

Concerns are growing in Japan that the strong currency, which erodes the repatriated profits of exporters and makes their goods less competitive, is hurting the nation's fragile economic recovery.

The dollar was mixed against other Asia-Pacific currencies.