Yen gains with no hint of more easing; yuan up on reserves

London

THE yen rose on Wednesday after the Bank of Japan left monetary policy unchanged and governor Haruhiko Kuroda struck an optimistic note about the economy despite recent weakness.

The yen had been pressured earlier amid talk the BOJ would ease after weak economic data and flagging inflation, but the central bank left monetary policy steady, preferring to keep its already limited options open. Nevertheless, lingering fears of recession will put pressure on the central bank to ease at a potentially more important meeting on Oct 30, when it is expected to cut its long-term economic and price forecasts, analysts say.