Dollar nears seven-month low against yen ahead of central bank meetings

The US dollar approached its lowest level in seven months against the yen on Friday, as investors looked ahead to central bank meetings scheduled for next week.

The dollar came under pressure, mainly due to significant gains by the yen over the past week and shifting expectations ahead of monetary policy decisions from both the US Federal Reserve and the Bank of Japan.

The dollar fell 0.4% to 153.40 yen, nearing its lowest point of 152.89 yen, though it pared losses against other major currencies. Against the Swiss franc, the dollar edged up 0.02% to 0.81 after earlier declines.

The dollar index, which measures the greenback against six major peers, hovered near its lowest level in about two weeks and settled at 98.80.

The euro rose 0.05% to $1.1628, approaching a two-week high, while the Canadian dollar slipped 0.15% against the US dollar to 1.38 Canadian dollars per US dollar.

The Australian dollar gained 0.1% against the US dollar to $0.722.