The Japanese yen strengthened against the other major currencies in the Asian session on Friday, after the Bank of Japan decided to keep rate steady at its monetary policy meeting, as expected by economists.

In a statement, the BoJ announced that the policy board headed by Governor Haruhiko Kuroda decided by an 8-1 majority vote to maintain the size of quantitative and qualitative easing.

Accordingly, the bank will continue to increase the monetary base at an annual pace of about JPY 80 trillion.

The yen rose to a 2-day high of 120.78 against the U.S. dollar, from yesterday's closing value of 121.02.

Moving away from early lows of 134.66 against the euro and 129.25 against the Swiss franc, the yen advanced to 134.48 and 129.07, respectively.

Against the pound, the yen edged up to 189.24 from yesterday's closing value of 189.47.

If the yen extends its uptrend, it is likely to find resistance around 118.50 against the greenback, 132.00 against the euro, 125.00 against the franc and 185.00 against the pound.

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