Singapore Markets close in 2 hrs 33 mins

Dollar falls vs yen after Bank of Japan move

The dollar fell against the yen Tuesday as markets reacted negatively to the Bank of Japan's new moves to spur the tepid economy.

Around 2200 GMT, the dollar bought 88.68 yen, down from 89.60 yen at the same time Monday.

The European currency partly wiped out its losses against the yen but still was lower, fetching 118.14 yen compared with 119.28 yen late Monday.

Against the dollar, meanwhile, the euro inched up to $1.3321 from $1.3313.

The Bank of Japan, under pressure from Japanese Prime Minister Shinzo Abe to devalue the yen, on Tuesday adopted a 2.0 percent inflation target and announced plans to begin open-ended asset purchases next year.

"The 2014 timing of the asset purchase program was a disappointment to the market, which had very high expectations, thus sparking a rally in the yen and a sell-off in Japanese stocks," said Jason Ball, a forex analyst at Wells Fargo Bank.

There was little economic news out of the United States, except for a weaker-than-expected report on December sales of previously owned homes.

The euro, meanwhile, found some support after a German survey showed investor sentiment in Europe's biggest economy had hit the highest levels since the start of the eurozone debt crisis in 2010.

The dollar fell to 0.9285 Swiss francs from 0.9325 francs late Monday.

The pound ticked up to $1.5836 from $1.5830.