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Yen edges lower ahead of BoJ rates decision

The yen softened past the ¥111 mark on Friday ahead of the Bank of Japan’s interest rates decision.

The currency was 0.1 per cent weaker in morning trade at ¥111.02 per dollar, climbing just above ¥111 for the first time in two weeks.

That came ahead of the Bank of Japan’s decision on interest rates and monetary policy, scheduled for Friday and typically out by around midday. The BoJ is widely expected by analysts to hold its policy rate steady at minus 0.1 per cent and its 10-year bond yield target at zero.

Minutes from the central bank’s April policy meeting released last month suggested it is unlikely to back away from its highly stimulative monetary policy this year.