The yen retreated from near a 2 week high versus the U.S dollar as gains in Asian shares boosted demand for higher- yielding assets and on prospects Japanese importers sold the currency to take advantage of recent strength. Japan's currency weakened against all of its 16 major counterparts as the Bank of Japan begins a two-day policy meeting today.
Japan's currency also fell to a 4 month low against the euro on speculation the Bank of Japan will take more credit-easing measures at a meeting starting today. The market is waiting to see if the BOJ eases policy further to shore up the economy and dampen strength in the yen.
