Dollar rises against yen on reports BOJ under pressure to ease

The dollar turned sharply higher against the yen in afternoon trading Thursday following reports that the Japanese government is pressuring the Bank of Japan to add to its stimulus efforts.

The greenback USDJPY, -1.72%  shot to ¥105.44 late Thursday in New York after Reuters reported that Japan’s Ministry of Finance is lobbying hard for the BOJ to ease policy further. By comparison, it traded at ¥105.15 late Wednesday.

“That would make sense given the figures from the fiscal stimulus package announced earlier this week were a little underwhelming,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange.

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