SINGAPORE, May 3 (Reuters) - The U.S. dollar fell below 106.00 yen for the first time in about 18 months on Tuesday, as the yen surged against the Australian dollar after Australia's central bank cut interest rates to a record low of 1.75 percent.

The U.S dollar slipped to as low as 105.91 yen at one point, its lowest level since October 2014. The greenback last traded at 105.97 yen, down 0.4 percent on the day.

The Australian dollar slid 1.5 percent against the yen to 80.36 yen.

(Reporting by Masayuki Kitano; Editing by Kim Coghill)