Currencies: Dollar rises against yen on reports BOJ under pressure to ease

The yen strengthened against the dollar and the euro in Asian trade Thursday, as jittery investors looked to the Bank of Japan’s policy decision Friday.

Earlier in the session, the dollar USDJPY, -0.76% to ¥104.63 before popping slightly to ¥104.77, though that was still well below ¥105.41 hit late Wednesday in New York. The euro EURJPY, -0.36% to ¥115.88 from ¥116.56 late Wednesday.

There are growing expectations that the BOJ will announce more monetary easing when its policy setters wrap up their two-day meeting Friday, to help support the government’s large-scale stimulus measures.

Prime Minister Shinzo Abe said Wednesday that next he will next week unveil an economic-stimulus package with a total value of more than ¥28 trillion ($268 billion), much bigger than expected, in an effort to vault Japan out of deflation.

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