0237 GMT - The Singapore dollar consolidates against its U.S. counterpart on possible position adjustments, but it may benefit from the yen's appreciation trend. "Our analysis shows that the South Korea won, and to a smaller extent, the Thai baht, Singapore dollar and Philippines peso, in that order, are more sensitive to Japanese yen moves," MUFG Bank's Michael Wan says in a research report. "This is true when we look across both simple correlation metrics, and also when we look at the conditional beta of each Asian currency to yen movements," the senior currency analyst notes. Hence, if the yen appreciation trend persists, these Asian currencies, including the Singapore dollar, should benefit, Wan adds. The U.S. dollar is little changed at 1.2822 Singapore dollars, LSEG data show.