The Japanese yen climbed against its major counterparts on Friday, on growing hopes that the Bank of Japan may change the yield curve control policy further when it meets next week.

The benchmark yield on the 10-year Japanese government bond broke the ceiling earlier in the day, prompting the BoJ to conduct two separate rounds of unscheduled bond buying operations.

The 10-year yield eased to 0.506 following the move.

The BoJ is expected to raise its inflation forecast and discuss additional policy adjustments to correct the distortions in the yield curve during the monetary policy meeting to be held on January 17 and 18.

U.S. inflation data supported expectations for slower rate hikes by the Federal Reserve and further underpinned the currency.

The yen was up against the greenback, at a 7-1/2-month high of 128.11. On the upside, 119.00 is possibly seen as its next resistance level.

The yen touched 137.94 against the franc, its highest level since August 2. The yen is seen facing resistance around the 124.00 level.

The yen firmed to 9-day highs of 139.03 against the euro and 156.60 against the pound, off its early lows of 140.40 and 158.02, respectively. The next possible resistance for the yen is seen around 133.00 against the euro and 154.00 against the pound.

The yen appreciated to 9-day highs of 96.00 against the loonie, 89.40 against the aussie and 81.83 against the kiwi, reversing from its early lows of 96.80, 90.13 and 82.68, respectively. The currency may possibly challenge resistance around 92.00 against the loonie, 86.5 against the aussie and 80.00 against the kiwi.

Looking ahead, U.S. import and export prices for December and University of Michigan's preliminary consumer sentiment index for January are set for release in the New York session.

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