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June 23, 2017

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Yen rises in Asia after BOJ chief quashes stimulus hopes

TOKYO--The yen rose in Asia Tuesday as the head of the Bank of Japan quashed hopes for an imminent expansion to its stimulus program, and said the economy would not be severely hurt by a recent sales tax rise.

The dollar slipped to 102.56 yen in late Tokyo afternoon trade from 102.90 yen before the BOJ governor's comments and 103.09 yen in New York Monday.

The euro also weakened to 141.22 yen from 141.65 yen in U.S. trade, while it rose to US$1.3769, from US$1.3740.

The dollar was mixed against other Asia-Pacific currencies.

It weakened to SG$1.2583 from SG$1.2600 on Monday, to 1,052.93 South Korean won from 1,054.30 won and to 44.87 Philippine pesos from 44.89 pesos.

It also declined to 32.41 Thai baht from 32.47 baht, while rising to 11,305 Indonesian rupiah from 11,285 rupiah and to 60.12 Indian rupees from 60.06 rupees.

The Australian dollar inched up to 92.89 U.S. cents from 92.77 cents and the Chinese yuan was unchanged at 16.58 yen.

The dollar has been under pressure after lackluster U.S. jobs data last week cut expectations of tighter monetary policy from the Federal Reserve.

On Tuesday, BOJ chief Haruhiko Kuroda said the world's number-three economy was pushing ahead despite fears the tax rise introduced on April 1 will dampen consumer spending and derail a budding recovery.

The tax is seen as crucial to shrinking Japan's mountainous debt burden but it has fuelled speculation the BOJ will have to add to its stimulus sooner than later.

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