The yen was steady, headed for a weekly advance against most of its 16 major peers, after the Bank of Japan left its bond-buying program unchanged and said the economy has continued to recover moderately.
New Zealand’s dollar led gains among its most-traded peers this week as the central bank’s assistant governor said interest rates “are still low.” Australia’s dollar was near a two-month high before reports forecast to show retail sales and industrial production growth in China, its largest trading partner, accelerated in May. A gauge of volatility for the currency versus the greenback fell to an 18-year low. BOJ Governor Haruhiko Kuroda is scheduled to speak in Tokyo at 3:30 p.m. local time.
“I don’t think Kuroda will completely rule out additional stimulus but say that it’s not really needed right now,” said Marito Ueda, senior managing director at currency-margin company FX Prime Corp. in Tokyo. “He will speak with the presumption that Japan’s economy is recovering nicely and inflation target is achievable.”
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