SINGAPORE, April 25 Reuters The yen was pinned on the weaker side of 155 per dollar on Thursday as the Bank of Japan BOJ kicks off its twoday ratesetting meeting, leaving traders nervous as to whether Tokyo will intervene while policy deliberations are still underway.

Having traded in a tight range over the past few days, a buoyant dollar finally broke above the 155 yen level for the first time since 1990 in the previous session.

The greenback again notched a 34year high of 155.74 yen on Thursday .

Intense speculation that the Japanese government will intervene to shore up the yen had hampered the dollar39;s ascent towards the psychologically key level, seen by some market participants as a line in the sand that would prompt Tokyo to take action.

As the BOJ meets to discuss monetary policy, expectations are for the central bank to keep its shortterm interest rate target unchanged at the conclusion of the meeting on Friday, following last month39;s landmark exit from negative rates.

We expect the BOJ meeting to deliver a marginally hawkish hold outcome, said Carl Ang, fixed income research analyst at MFS Investment Management.

As for policy signalling, April seems a little early to pivot away from the BOJ39;s March communication that accommodative financial conditions will continue for the time being.

Continued expectations of gradual policy tightening and a low terminal policy rate make it difficult for the yen to appreciate significantly, even if at historically…