Yen Gains Sharply Against Dollar After Earlier Drop on BOJ

The yen advanced sharply versus the dollar after earlier weakening as Bank of Japan Governor Kazuo Ueda spoke.

Japan’s currency gained as much as 0.7% to 157.37, after earlier dropping as much as 0.5% to 159.23 against the dollar.

The yen had weakened against the dollar as Ueda spoke at a press conference after the central bank held rates steady. Ueda noted that the extent to which companies raise prices in April, the start of the new fiscal year, will be a factor the board will consider in discussing potential rate hikes.