Asia Markets: Asian markets cautious as investors await word from Bank of Japan

Investors were treading cautiously early Friday in Asian markets ahead of a key Bank of Japan meeting, where expectations for aggressive easing run high.

The Nikkei Stock Average NIK, +0.56% fell 0.6% as the yen strengthened sharply against the U.S. dollar, with the currency pair falling to as low as 103.30 from 105.20 in early Asia trade. It was last at 103.974.

“It all depends on what the BOJ does today,” said Tim Condon, ING’s chief Asia economist. “If they surpass expectations and the yen depreciates it’s risk on, which is bullish for all Asian equity markets and currencies.

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