FOREX-Dollar awaits more data, yen up as corporates active

* Dollar/yen slips as Japanese companies sell at month-end

* Yen crosses also fall; investment trust flows watched

* Eyes on more U.S. data later in the day

By Satomi Noguchi

TOKYO, Oct 30 (Reuters) - The dollar drifted sideways against the euro on Friday as investors awaited more U.S. data later in the day while the yen rose, helped by month-end demand from Japanese companies.

Analysts said month-end dollar selling for yen had been weighing on the U.S. currency in Asian trading, while yen crosses retraced some of their rebound of the previous day as short-term short-covering faded.

Analysts also said the market was waiting to see if yen selling would materialise from Japanese investment trusts, with a new Sumitomo Mitsui Asset Management fund investing in sovereign and corporate bonds in emerging markets drawing 189.6 billion yen ($2.1 billion) from Japanese retail investors. [ID:nT98637]

It was the year's biggest first-day launch for a single series of Japanese mutual bonds, or toushins.

The market watches Japanese mutual fund flows carefully because of their dampening effect on the yen but as the Brazilian real drew the highest demand, analysts said outflows may not materialise until later in the day as real trading in Asian time was not very liquid.