The yen traded 0.5 percent from its strongest level in a month amid speculation additional easing measures from today’s Bank of Japan (8301) meeting have already been priced in by investors.
Demand for the U.S. dollar was damped before a report tomorrow that may show U.S. employers added fewer jobs last month than in February. The euro fell against most of its major counterparts before European Central Bank officials gather today for a policy meeting.
“It’s become very difficult for the BOJ to come up with measures that surprise the market,” said Noriaki Murao, a New York-based managing director of the marketing group at the Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s largest listed financial group. “Even if the BOJ shoots fireworks, any yen selling will be limited before the U.S. employment data.”
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