Yen gains as BOJ refrains from more stimulus

London

THE yen rose on Tuesday after the Bank of Japan held off on expanding its stimulus programme, with governor Haruhiko Kuroda maintaining his optimism about the country's economic outlook.

The outcome was expected, but some market players had hoped for a surprise easing because of weak economic data over recent weeks. Mr Kuroda gave no hints about any further easing, telling a press conference that Japan's economy continued to recover moderately and that he expected exports to rise gradually.