Yen Strengthens as BOJ Refrains From Adding to Record Stimulus

The yen added to gains that have made it the best-performing major currency this half as the Bank of Japan refrained from adding to record easing that had helped drive the exchange rate to a 13-year low in June.

The yen climbed 0.5 percent against the dollar to 120.47 as of 12:23 p.m. in Tokyo Friday.

“Since markets had pared back expectations for more BOJ stimulus to near zero, reaction to disappointment will be limited,” Yunosuke Ikeda, the head of Japan foreign-exchange research at Nomura Securities Co. in Tokyo, said before the announcement. “After an initial reaction, the dollar may gain.”

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