Dollar falls against yen in Asia on Bank of America's poor earning results

The dollar fell against the yen Tuesday in Asia as investors sold the currency on Bank of America's worse-than- expected earnings results.

Traders said investors were also cautious ahead of data due out later in the day on U.S. existing home sales in March.

"There was an overly optimistic mood going around before, but Bank of America's earnings results pulled players back to the reality that the current problems won't be resolved so quickly," said Tsutomu Soma, a senior trader at Okasan Securities.

The dollar slipped to 103.04 yen midafternoon in Tokyo, down from 103.22 yen in New York late Monday.

"Once bad news related to the U.S. economy crops up, players could resume selling the dollar with fears for a U.S. recession growing," said Keiichi Iguchi, a dealer at Resona Bank. The euro fell to US$1.5866 from US$1.5914.

In other Asian currencies, the greenback held steady against the Singapore dollar at 1.3520 and was flat against the Thai baht at 31.49. (**)