Yen edges up after Bank of Japan holds fire on stimulus

The yen inched higher against the dollar on Friday as the Bank of Japan (BoJ) held fire on more easing measures after the economy grew more than expected in the first quarter.

In Tokyo trade, the dollar bought 120.83 yen, down from 120.91 yen just before the announcement and 121.07 yen in New York late Thursday.

The euro fetched 134.70 yen, against 134.52 yen in US trade.

Japan's central bank kept its annual 80-trillion-yen asset-buying stimulus unchanged while saying the world's third largest economy "has continued to recover moderately", slightly more upbeat than its view last month.

"The Bank had been widely expected to stay pat this time, especially after the good GDP data," said Daisuke Uno, chief market strategist at Sumitomo Mitsui Banking.

Data showed Wednesday that the economy grew a better-than-expected 0.6 percent in the first quarter as it crawls back from a brief recession.

BoJ governor Haruhiko Kuroda is scheduled to give a news conference later Friday.

In other trading, the pound was up after a strong report on British consumer spending in April, buying $1.5668 against $1.5660 in New York.

The euro firmed to $1.1134 from $1.1112 in US trade.