LONDON: The yen was on the back foot on Friday, as risk properties staged a broad improvement and shareholders expected a press conference by the head of the Bank of Japan after the central bank held policy stable.
The dollar added about 0.4 percent against the yen to buy 119.27 yen, while the euro rose about 0.3 percent to 146.44 yen.
“The focus still remains on broader risk appetite, the continued fall in commodity prices, in particular oil, and the divergent monetary policies of the major central banks,” said Sue Trinh, senior currency strategist at RBC Capital Markets in Hong Kong.
The BOJ kept monetary settings unchanged, as widely expected, at the end of its two-day meeting on Friday and offered a more upbeat view on the economy, signaling that no immediate expansion of stimulus was on the horizon.
BOJ Governor Haruhiko Kuroda will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision. He will likely repeat calls for firms to increase wages, as well as urge Prime Minister Shinzo Abe to press ahead with fiscal and structural reforms.
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Investors will be particularly interested in anything Kuroda says about the yen and oil prices, Sean Callow, a currency strategist at Westpac, said in a note.
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