Yen edges up as traders doubt BOJ's firepower

London

THE yen edged up against the dollar on Tuesday as traders doubted that the Bank of Japan will be able to meaningfully weaken the yen when it meets on Wednesday, and bet that the US Federal Reserve will not raise interest rates.

The yen rose 0.1 per cent against the dollar to trade at 101.82 yen, having risen almost 20 per cent over the past 12 months despite the BOJ's best efforts to weaken it.