Yen Strengthens Against Dollar Before BOJ Policy Meeting

The yen strengthened for a second day versus the dollar amid speculation the Bank of Japan’s policy board will refrain from adding stimulus when it convenes for a two-day meeting starting tomorrow.

The Japanese currency rose against most of its 16 major peers after Keisuke Tsumura, a lawmaker from Japan’s opposition Democratic Party, said he can’t accept Kikuo Iwata, one of Prime Minister Shinzo Abe’s candidates, as deputy governor of the BOJ. Iwata previously said in parliament that the central bank must expand its monetary base and buy longer-maturity bonds. Australia’s currency climbed versus the dollar as the Reserve Bank kept interest rates on hold.