The euro also hovered above last week's lows after a solid Italian debt auction and data showing Spanish economy contracted slightly less than expected in the third quarter.
The dollar was at 79.59 yen, almost flat on the day but recovering from a fall to 79.28 when the market unwound long dollar/yen positions after the BOJ expanded its asset-buying programme by 11 trillion yen ($138 billion) in a broadly expected move.
"The BOJ produced no rabbit, and no bazooka policy," said Kit Juckes, strategist at Societe Generale.
"The yen remains a sell long term, but as 2-year US Treasury yields drift lower and the BoJ disappoints, we will look to re-buy USD/JPY at lower levels."
With the BoJ out of way, the dollar is likely to return to its familiar range near 77-78 yen, with the immediate focus on how US markets will react to the damage caused by Hurricane Sandy.
"The damage to the US economy from the Hurricane Sandy could be huge. If US bond yields fall sharply, that is likely to send the dollar/yen lower," said Tohru Sasaki, the head of Japan rates and FX research at JPMorgan Chase Bank.
The dollar/yen rate has historically had a high correlation with US bond yields. So far on Wednesday, US 10-year yields were little changed from their levels before the hurricane shut down New York markets on Monday.
Traders noted there was a small improvement in risk appetite on Tuesday after solid demand at an Italian bond sale saw the country's five- and 10-year borrowing costs fall sharply.
That saw the safe-haven yen give back all of its gains against the euro and Australian dollar.
The euro climbed to 103.12 yen, bouncing back from a two-week low of 102.18, marked on Tuesday.