The yen has remained under downward pressure in recent weeks, fueling speculation that it will soon test its 1999 low of 124.75 to the dollar.
A key downside factor has been the Bank of Japan's moves to increase liquidity in the financial system.
The BOJ decided on March 18 to bring overnight interest rates effectively back to zero by setting a higher target for commercial banks' reserves in the BOJ's current accounts.
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