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Currencies: Dollar rises against yen amid conflicting reports about Japan stimulus

The yen whipsawed against its rivals during Asian trade Wednesday amid changing expectations for soon-to-be released stimulus steps by the Japanese government.

The dollar first gained upside momentum after The Wall Street Journal, quoting people familiar with the matter, reported that Japan was considering issuing 50-year bonds for the first time, the longest maturity of Japanese government debt in the postwar era.

Adding to the upward trend was a local media report that Prime Minister Shinzo Abe would announce details of the stimulus package in the afternoon.

During the lunch break, the greenback USDJPY, +0.93% quickly gained traction to touch as high as ¥106.54, before trimming earlier gains to change hands at ¥105.56 lunchtime in Tokyo from ¥114.95, while the pound EURGBP, +0.1912% rose sharply to ¥138.74 from ¥137.39.

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