EMERGING MARKETS-Most Asian FX slip on strong US data, yen volatile after BoJ meet

* Indonesian rupiah, Malaysian ringgit lead losses * Japanese yen swings wildly after BoJ meet * Chinese stocks set for best week since start of year By Archishma Iyer July 28 (Reuters) - Most emerging Asian currencies fell against a firm dollar on Friday after resilient U.S. data, with the Indonesian rupiah and Malaysian ringgit leading losses while the Japanese yen swung wildly. The U.S. economy grew faster than expected in the second quarter, aided by a strong labour market and consumer spending, which raised prospects of a potential pause in rate hikes by the Federal Reserve. Risk sentiment took a hit, which led the dollar index, which measures the strength of the greenback against six major rivals to perch at 101.76 as of 0640 GMT. Back in Asia, the rupiah led the losses for the day, dropping around 0.6%, to trade at 15,090 per dollar, while the ringgit slipped around 0.6%. Other currencies like the Philippines peso Singapore dollar and the Indian rupee traded between flat and a 0.4% drop. Separately, the Japanese yen see-sawed to jump as much as 1% after an initial drop of 1.2% as the Bank of Japan reiterated its ultra-low accommodative policy but flagged more steps to make its yield curve control policy more flexible. The currency is down about 0.1% as of 0640 GMT. "Today’s adjustment is a step toward an orderly exit from the yield curve control, which we anticipate should happen within the next year," Tom Kenny, the senior international economist at ANZ said in a research note. The choppy Japanese unit rose as much as 1% against the Singapore dollar , poised for its best day since mid-June and logging gains for the fifth straight session. The yen advanced as much as 1.5% against the ringgit , which is set for its best day since July 7. This central bank meeting is the last for the week, after the U.S. Federal Reserve and the European Central Bank raised rates by 25 basis points respectively earlier, even as they struck moderate tones for any further raises. Asian equities were mixed with shares in Kuala Lumpur, Singapore and Taipei gaining between 0.1% and 0.9%. Meanwhile, stocks in Manila and Jakarta traded lower at 0.3% and 0.2%, respectively. Besides, shares on the Shanghai Stock Exchange were set to mark their best week since November as a potential stimulus package from China lifted mood. "The Politburo rhetoric to support all parts of the economy was a culmination of the change in tone already evident from recent State Council meetings," analysts from Barclays wrote, "This would imply that Beijing is now cognizant of the risks the economy faces, but is by no means rushing to the rescue yet." HIGHLIGHTS: ** Indonesia's benchmark 10-year bond yield rises 6.269% ** Indonesia plans to curb online sales of foreign goods under $100 - minister ** POLL-China factory activity likely to contract for fourth month in July Asia stock indexes and currencies at 0640 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY YTD % % Japan -0.14 -6.10 0.4 25.54 China India -0.37 +0.59 -0.34 8.21 Indonesia -0.60 +3.18 -0.29 0.38 Malaysia -0.59 -3.19 0.07 -2.89 Philippines -0.19 +1.58 -0.28 1.42 S.Korea Singapore -0.02 +0.62 0.87 3.54 Taiwan -0.52 -2.20 0.30 22.32 Thailand +0.00 +1.53 1.23 -7.51 (Reporting by Archishma Iyer in Bengaluru; Editing by Dhanya Ann Thoppil)