The yen briefly rose to the 129 level against the U.S. dollar from the mid-131 level on Feb. 10 over reports that the government will tap a former Bank of Japan Policy Board member as the central bank's new chief.
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The yen is set to gain ground in 2023 in a sharp turnaround from a plunge to a 32-year low against the U.S. dollar, keeping Tokyo stocks subdued coupled with a gloomy global economic outlook.