The dollar slipped against the yen and the euro in Asian trade Tuesday as market players waited anxiously for the Federal Reserve's assessment of problems in US credit markets, dealers said.

They said the dollar edged down towards its all-time low against the euro and remained under pressure against the yen a day after hitting a four-month trough against the Japanese currency on worries about the US economy.

The dollar slipped to 118.67 yen in Tokyo afternoon trade from 118.88 in New York late Monday, when it had struck an early low of 117.18 before rebounding.

The euro firmed to 1.3808 dollars from 1.3793, approaching its alltime high of 1.3852 reached on July 24. The euro slipped to 163.82 yen from 163.97.