TOKYO:The dollar held tight ranges against most peers on Thursday as traders awaited key US inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the US helped it make some gains on the yen.

Against the Japanese yen, the dollar slowly inched up after it fell more than 3% last week, its biggest weekly percentage drop since early December 2022.

The yen received a slight boost in the Asian morning following the release of the Bank of Japan's summary of opinions from its April meeting, showing many board members saw the need to raise rates and eventually reduce the bank's bond purchases.

The move was brief, however, with the market decidedly bearish on the currency.

Last week's Fed policy meeting and downside surprise in U.S. job growth have markets increasing bets for two rate cuts this year. But a chasm remains between Japan's ultra-low yields and those in the United States.