TOKYO, Japan -- The yen rose against the dollar and the euro in Asian trade Wednesday as traders waited to see whether US automakers would secure a massive government rescue package.

The dollar slipped to 92.96 yen in Tokyo morning trade from 93.27 in New York late Tuesday. The euro fell to $1.2684 from $1.2710 and to 117.91 yen from 118.57.

Markets were waiting for a response by US Congress to a bailout request by the Big Three automakers -- Chrysler, General Motors and Ford.

"If it is confirmed that the three will be rescued, markets will be reassured. Until then, they will remain fragile and volatile," said Hideaki Inoue, chief forex manager at Mitsubishi UFJ Trust and Banking Corp.

"Not extending any aid would have huge implications for the actual economy, including employment," said Inoue.

House of Representatives speaker Nancy Pelosi said Tuesday that bankruptcy for US automakers "is not an option" and that a short-term loan program" is an appropriate way to go."

Her comments came as General Motors, Ford and Chrysler presented business plans to lawmakers on their survival strategy to back a request for billions of dollars in emergency government loans.

General Motors on Tuesday said it planned to cut up to 31,500 more jobs in the United States as it struggles on the brink of bankruptcy.

Investors were bracing for key US jobs data due Friday that were expected to show fresh layoffs in the world's largest economy.

Markets were also paying close attention to monetary policy meetings in the euro zone and Britain, where interest rates are expected to be slashed on Thursday as the region struggles to stave off a deep recession.