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Japanese 10,000 yen banknotes and U.S. one-hundred dollar banknotes are arranged for a photograph in Tokyo, Japan.

A surging yen steadied on Monday as Japan's incoming prime minister signaled monetary policy should remain accommodative, while the dollar slipped on commodity currencies underpinned by investor expectations of a turnaround in China's economy.

Japan's yen had leapt on Friday when Shigeru Ishiba, a former defense minister and erstwhile critic of aggressively easy policy won the leadership of the ruling Liberal Democratic Party, which controls parliament and will vote him into office.

The yen slipped about 0.4% to 142.75 per dollar after jumping 1.8% on Friday. Ishiba told public broadcaster NHK that from the government's standpoint, policy must remain accommodative as a trend given current economic conditions.

Analysts said that was enough to pause the sharp rise in the yen following his victory and that the likelihood of a snap election in the coming months — something Ishiba hinted at on Sunday — could weigh on the yen at least over the short term.

"An election basically takes the Bank of Japan out of the equation until December...a marginal yen negative," said Ray Attrill, National Australia Bank's head of foreign exchange strategy.

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