Yen Buying Dominates Ahead of BOJ Meeting

The dollar-yen pair declined to its upper 155 range in Tokyo foreign exchange trading on the 17th, dropping to 155.72 yen in the afternoon.

This came as yen buying prevailed in the market due to caution over the prospect of additional rate hikes from the Bank of Japan, particularly with Governor Kazuo Ueda's press conference scheduled for the following day.

The pair traded within a narrow range in the lower 156-yen zone during the morning session but accelerated its decline after breaking below the 156-yen level shortly after noon.