The US dollar jumped on Tuesday and reached its highest level since November versus the Japanese yen as the Bank of Japan has decided to expand its asset purchase program. The Bank of Japan disclosed that the asset purchase program will be increased by 10 trillion yen totaling to 65 trillion yen.

The central bank of Japan also decided to keep the key interest rate unchanged within the range of 0 to 0.1 percent with its temporary inflation target of 1 percent. Currency strategist, Chris Walker from UBS commented, “This is a significant amount of additional easing, and with the BOJ’s preferred measure of core inflation currently running at only -0.1% year-on-year, investors are bound to expect further bouts of monetary accommodation down the road.”

The US dollar gained to 78.49 versus the Japanese yen on Tuesday as compared to 77.60 in Monday’s late trading hours. The euro also advanced 0.6 percent versus the yen to 102.73.

The dollar index DXY which measures the US dollar’s performance versus its six major rival currencies surged to 79.607 on Tuesday as compared to 78.963 on Monday’s North American trading session.

The euro also fell to 1.3094 against the greenback on Tuesday as the discussions for Greece’s bailout package were postponed. The pair EUR/USD stood at 1.3201 on late Monday.

Among other currencies, the British Pound declined to 1.5661 against the US dollar on Tuesday as compared to 1.5776. The Australian dollar fell to 1.0648 against the US dollar as compared to 1.0743 on late Monday.