Dollar-yen trading was subdued in European markets, with expectations of a 0.25% rate hike at next week's BOJ policy meeting fueling speculation that yen selling will also ease.
Dollar-yen fell as low as 154.04 yen in European markets, with the latest trading range confined to 154.04–154.34 yen. Euro-yen traded between 178.70 and 179.11 yen, while euro-dollar moved between 1.1598 and 1.1608 dollars.
The BOJ is expected to raise its policy rate by 0.25% at next week's monetary policy meeting, prompting some to suggest that selling of the yen is likely to be restrained. There have also been reports that some market participants expect an additional rate hike in December.