The yen rose today as speculation grew that the Bank of Japan could adjust its yield curve control policy later in the day, while the dollar retained gains last night after better-than-expected data for the U.S. economy.
The Bank of Japan is widely expected to maintain very low interest rates later on Friday, but investors are looking forward to minor adjustments in the yield control policy.
The Nikkei newspaper reported that the central bank would maintain its ceiling on 0.5% of the government’s 10-year yield, but was discussing allowing long-term bond interest to rise above that level to a certain degree.
The Japanese yen increased 0.55% to 138.72% to the dollar before declining and trading at 139.37 today. Japan’s currency rose about 2% against the dollar this week. With respect to the European single currency, the euro saw little change at $1.09775 on Friday in Asian trading.
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