The yen strengthened against other G-10 and Asian currencies in the morning session, after a Bank of Japan board member’s remarks boosted prospects of more rate increases.

The yen hit a two-month high in the upper 151 range against the U.S. dollar Thursday in Tokyo, as speculation grows that the Bank of Japan could further raise interest rates sooner than expected. The yen's appreciation came after BOJ policy board member Naoki Tamura said the bank should hike its policy rate to at least 1 percent by the latter half