The dollar rose against the yen in Asia but was down against most other currencies Monday as markets awaited the results of US bank "stress tests" and this week's European Central Bank meeting.

With Japanese markets closed from Monday to Wednesday due to a public holiday, the greenback climbed to 99.45 yen in afternoon trade from 99.08 late Friday in New York.

The yen has been slipping against the greenback as the latest gloomy consumer and unemployment data from Japan underlined the woes of the world's second largest economy.

The euro meanwhile climbed to 1.3314 dollars from 1.3265 and to 132.44 yen from 131.34.

Analysts said however the dollar and yen could gain some support, with the ECB widely expected to announce further interest rate cuts at the conclusion of its meeting on Thursday.

"Markets are expecting a lot from the ECB in the form of another 25 basis point rate cut to 1.0 percent and also non-standard measures to ease credit," DBS Bank said in a research note.