The Japanese yen notched a fourth-straight day of gains against the shared currency of the European Union during the midweek trading session as confidence continued developing about the Bank of Japan stopping short of expanding stimulus policy when its policy makers meet later this week, according to Bloomberg.
As opposed to policy makers with the European Central Bank last week, the BOJ is not expected to augment easing policy on Friday. ECB governing council member Erkki Liikanen said the expansion of stimulus earlier this month aids an effort to be more accommodative.
"Expectations of further quantitative easing by the BOJ will be disappointed, not only in scope but also timing," senior currency strategist Sue Trinh with Royal Bank of Canada in Hong Kong told the news outlet on Wednesday, noting she personally believes the yen will continue trending higher as the year proceeds.
The yen climbed about 0.4 percent against the shared currency on Wednesday. During the past four days, the monetary unit of the Pacific Rim nation has risen 1.3 percent.
BOJ policy makers are likely to provide an update of its outlook regarding international development when it convenes on Friday, according to The Jakarta Globe.
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