The yen hovered near an all-time low against the euro early on Tuesday on expectations that the Bank of Japan will maintain a slow pace on interest rate rises.

The euro was worth 151.45 yen in early foreign exchange trading, from a record low of 151.67 yen yesterday, while the dollar traded at 118.08 yen, from 118.05 yen on Monday.

The currency slipped following a weekend meeting of central bankers and finance ministers which did not make any significant announcement on the yen's weakness.

The meeting also failed to provide a position on carry-trades, where
investors borrow on the yen to invest in a higher-yield currency.  

"Volatility in the currency market is low, providing an easy environment for players to do yen carry trades," Masaki Fukui of Mizuho Corporate Bank told Reuters.

Japanese investors looking for a higher return are expected to keep the yen at a relatively low position to other major currencies, said