Dollar struggles versus yen on signs BOJ won’t be easing again soon

The dollar was a tad lower against the yen in Asian trade on Wednesday, after unexpectedly upbeat Japan economic growth figures diminished investors’ hopes for further easing from the Bank of Japan.

The greenback USDJPY, +0.29%  went as low as ¥108.73 before bouncing back to ¥109.26. That compared with the ¥109.16 late Tuesday in New York.

Early in the session, the U.S. currency was drifting lower as Japan’s upbeat gross domestic product data for the January-March quarter hurt hopes that the government would implement fresh fiscal and monetary stimulus.

But the dollar trimmed its early losses and then turned upward occasionally, with the Tokyo stocks’ rebound late in the morning prompting investors to sell the safety of the Japanese currency. The Nikkei Stock Average NIK, -0.05%  was flat after rising as much as 0.9%.

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