The US dollar slid back toward last week's record low against the euro today after a weekend meeting of world finance chiefs ended with no agreement to stem the dollar's decline.
G20 policymakers made no mention of the dollar's slide in a communique issued at the end of their meeting in Berlin, reinforcing the view major nations have accepted the need for a weaker dollar to correct the United States' trade gap.
The G20's call for more Asian currency flexibility was seen putting more downward pressure on the dollar, but the threat of unilateral action from Japan kept the greenback above Friday's 4-1/2 year low against the yen.
"There appears to be an acceptance of a weaker dollar trend even if Europe and Japan are not happy with it," said David Mann, foreign exchange strategist at Standard Chartered. "The Americans are probably only too happy to see the dollar depreciate."
The dollar was little changed at 103.10 yen at 1248 GMT (7:48 a.m. EST), having fallen below 103 on Friday for the first time since April 2000. Against the euro, the dollar was weaker at $1.3040, moving back within half a cent of record lows hit last Thursday.
"The background remains very dollar-negative but people are already very short of dollars and may be tempted to trim positions," said Ian Gunner, head of foreign exchange research at Mellon Bank