Dollar rises against yen amid conflicting reports about Japan stimulus

The yen whipsawed against its rivals during Asian trade Wednesday amid changing expectations for soon-to-be released stimulus steps by the Japanese government.

Adding to the upward trend was a local media report that Prime Minister Shinzo Abe would announce details of the stimulus package in the afternoon.

During the lunch break, the greenback USDJPY, +1.02%   quickly gained traction to touch as high as ¥106.54, before trimming earlier gains to change hands at ¥105.56 lunchtime in Tokyo from ¥114.95, while the pound EURGBP, +0.1075%  rose sharply to ¥138.74 from ¥137.39.

Analysts were still trying to assess how much real spending might be included in the stimulus package.

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