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Despite the Bank of Japan's move to ease monetary policy, the yen still rose against the U.S. dollar on Monday. It was on speculation the action won't be enough to weaken the yen from a near 15-year high.
The Japanese currency eased slightly against the dollar and euro on news of the emergency meeting. But it erased the losses after the BOJ meeting. The yen also snapped three days of losses versus the euro after the BOJ expanded a bank loan program.
The yen's rise to a 15-year peak against the dollar last week slammed Tokyo shares. It also threatened to add to deflationary pressure on Japan's economy. The surge stirred market speculation about BOJ monetary easing as well as yen-selling intervention by Japanese authorities.