Yen Recovers Even as BOJ Decision Looms

Investors shrugged off expectations for big, bold stimulus from Japan's central bank on Thursday, as the yen managed to cling onto near one-month highs against the U.S. dollar.

The currency last traded at the 93 handle against the dollar, just 0.5 percent shy from Tuesday's near one-month high of 93.5 as market participants turn skeptical if the Bank of Japan (BOJ) can deliver on its promises of open-ended asset purchases.

(Read More: Will Japan's Central Bank Deliver or Disappoint?)

"I think they (BOJ) will disappoint. They're not going to move as fast as the market would like. Kuroda has to deal with a board that was appointed by the previous government and we know that this board is not inclined to step up monetary easing a lot," said Richard Martin, managing director at IM Asia on CNBC's "The Call."

Views like these have led the currency to steadily accelerate ever since March 12, when it hit a three-and-a-half year low of 96.7 against the greenback.

"At this point, rhetoric is not going to be enough to push dollar-yen to the upside. They're really going to have to dramatically increase their QE (quantitative easing) program and right now, that's an open question. So, that's why you see dollar-yen struggling ahead of the release," said Boris Schlossberg, managing dirctor at BK Asset Management on CNBC's "Asia Squawk Box."