TOKYO - The yen remained strong against the dollar and euro in Asia on Thursday as the effect of the Bank of Japan’s monetary easing fizzled out.

The dollar briefly topped 79.00 yen on Wednesday soon after the central bank said it would boost its asset purchase programme by 10 trillion yen to 80 trillion yen.

But the greenback fell back quickly, changing hands at 78.24 yen in Tokyo afternoon trade Thursday, down from 78.36 yen in New York late Wednesday.

The euro was at 101.82 yen, down from 102.24 yen in US trade and well off the 103-yen range in Tokyo late Wednesday.

The European common currency bought $1.3011 against $1.3049 in New York. A lower dollar against the yen was “not a surprise after the market adjusted to the BoJ’s latest monetary easing”, National Australia Bank said in a note.

“Japan’s asset-purchase programme doesn’t match its peers. On the currency front Japan is going to have to ramp up policy in a major way before it has a sustainable impact on the Japanese yen,” it said.

“Everyone wants a weaker currency at the moment, and unfortunately, that’s not possible,” it said, adding: “the race to the bottom continues.” The BoJ move came a week after the Federal Reserve announced a new bond purchase programme, while the European Central Bank at the start of the month said it would buy the debt of struggling eurozone countries to shore up the 17-nation bloc. National Australia Bank said the German Purchasing Managers Index (PMI) of business activity, to be released later Thursday, could prove weaker than expected.

“With the run up in the euro and lessening of sovereign risk, the markets may start to pay a little more attention to economic data, as opposed to politics.

“As such, a poor outcome in the PMI may see the euro/dollar consolidate around $1.30,” it said, adding the soothing policies from the ECB and the Fed are euro-supportive.

Against other Asia-Pacific currencies, the US dollar rose to 54.30 Indian rupees from 54.02 rupees on Wednesday, to 30.86 Thai baht from 30.80 baht, to Tw$29.33 from Tw$29.32 and to 1,118.45 South Korea won from 1,115.70 won.

It also gained to 41.63 Philippine pesos from 41.60 pesos, to Sg$1.2248 from Sg$1.2239 and to 9,552 Indonesian rupiah from 9,542 rupiah.

China’s yuan changed hands at 12.43 yen against 12.45 yen while the Australian dollar fell to $1.0420 from $1.0453.