* U.S. jobs report eyed, bleak figures expected
* Focus on fate of U.S. rescue plans for financial system
By Kaori Kaneko
TOKYO, Feb 6 (Reuters) - The dollar slipped against the yen on Friday in cautious trade before key jobs data that is expected to paint an even bleaker picture of the U.S. labour market.
The U.S. currency hit a one-month high against the yen on Thursday on a rally in U.S. shares led by hopes that the government rescue plan for banks might include suspension of a key accounting rule, thawing investors' aversion to risk.
But analysts warned the slight recovery in risk appetite probably won't be sustained as the health of the global economy remained severe.
"Even if an accounting rule change is realised, it would not be a solution to the fundamental problems in the financial system," said Yuichiro Nakamura, currency dealer at Shinkin Central Bank.
"I don't think it would help U.S. stocks in the med- and long-term, so risk aversion will likely stay in the currency market."
In late U.S. trade on Thursday, a source familiar with the government's thinking said that the Treasury Department and the U.S. Securities and Exchange Commission were not discussing suspending the fair value accounting rule.
Such an accounting fix could prevent banks from having to broardly mark down all assets to the prices a government-run "bad bank" might pay.
Investors refrained from taking large positions in Tokyo as data is expected to show the United States shed more than half a million jobs in January.
U.S. non-farm payrolls likely shed 525,000 jobs in January following 524,000 jobs lost the previous month, a Reuters poll showed. The unemployment rate is seen at 7.5 percent, compared with 7.2 percent a month earlier.
Analysts said the dollar would likely slip on a weak jobs report.
The dollar dipped 0.2 percent to 90.94 yen from late U.S. trade on Thursday, when the U.S. currency hit a one-month high above 92 yen.
The euro steadied at $1.2795. It had erased some losses made on Thursday after the European Central Bank left its key interest rate at 2.0 percent but signalled more rate cuts to come.
The euro dipped 0.1 percent to 116.33 yen.
Sterling inched up 0.1 percent to $1.4620 following the Bank of England's rate cut to a record low of 1.0 percent, which was seen helping the faltering economy. (Editing by Brent Kininmont)