* Investors expect no major move from BOJ, but minor moves
* Euro shows resilience even as Ukraine tensions continue
By Lisa Twaronite
TOKYO, March 11 The yen wobbled in a narrow
range in early Asian trade on Tuesday as investors awaited the
latest policy decision from the Bank of Japan later in the
The BOJ is expected to keep policy uncharged at a two-day
meeting as the country's consumer prices remain on track to meet
the central bank's 2 percent inflation target.
Still, some market participants did not rule out some
surprise announcement, ahead of the government's planned hike to
the national sales tax next month to 8 percent from 5 percent.
Moreover, data on Monday underscored the economic recovery
remains fragile. Japan posted a record current account deficit
in January, and its fourth quarter gross domestic product growth
was revised down.
Sean Callow, currency strategist at Westpac in Sydney, said
there were "very low expectations of any major policy change,
though some wariness over minor tweaks."
The next meeting on April 30, at which the bank will also
release its semi-annual economic outlook, seems a far more
likely time for an expansion of the bank's quantitative easing
scheme, Callow said in a note to clients.
The BOJ's decision is due anytime after 0300 GMT. BOJ
Governor Haruhiko Kuroda will hold a news conference after its
The dollar and euro were treading water against the Japanese
currency, nearly flat on the day. The greenback bought 103.25
yen and the single currency changed hands at 143.28 yen
The dollar was barely changed against a basket of major
currencies, holding steady at 79.752.
The euro was also steady against the dollar at $1.3877
, not far from a 2-1/2-year peak of $1.3915 touched on
The euro's resilience held up even as the crisis in Ukraine
continued. A pro-Russian force opened fire in seizing a
Ukrainian military base in Crimea on Monday and NATO announced
reconnaissance flights along its eastern frontiers.
Investors also warily watched developments in China, where
short-term rates and the yuan both fell on Monday after weak
exports data at the weekend. Some market participants speculated
that China was undertaking a stealth easing of its monetary
policy to bolster the flagging economy.
The Australian dollar, often used as a liquid proxy
for China plays because of its sensitivity to developments in
Australia's largest export market, was up about 0.1 percent at