Published by Zeb BhamThe yen was up in early global forex trading this morning after the Japanese central bank maintained low interest rates and cut its growth outlook.The dollar fell against the yen for a second day, while high-yield currencies such as the Australian dollar were down as a bearish sentiment prevailed.Paul Robson, a senior foreign-exchange strategist at Royal Bank of Scotland Group Plc in London, told Bloomberg that the minutes of the latest US Federal Reserve policy meeting also supported the yen."Slowing US growth and lower-for-longer interest rates plays positively for the yen. We're going to get a squeeze in those risk-positive currencies," he predicted.Although the Bank of Japan raised growth expectations for the year ending March 2011, it cut forecasts for the following year from two per cent to one per cent.Growth for this year was attributed to the continuing strength of emerging economies, but the bank anticipated this growth to slow through next year.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.