TOKYO (AFX-ASIA) - The yen turned top-heavy against the dollar in midafternoon trade after reaching 132.30 as investors turned cautious ahead of US President George W. Bush's arrival in Tokyo, dealers said. The yen reached the 132.30 level in afternoon trade on the expected repatriation by Japanese firms ahead of the end-March fiscal year closure, as well as hopes that the government will announce more concrete measures to tackle deflation ahead of Bush's Japan visit, they said. Daiwa Bank dealer Kiyotaka Endo said he expects the government will draft more concrete anti-deflation measures to present to Bush, despite comments by State Minister for Economic and Fiscal Policy Heizo Takenaka before Lower House budget committee that the government has no plan of rushing to work out a deflation package in time for the US-Japan summit on Sunday. On the other hand, Chief Cabinet Secretary Yasuo Fukuda said he expects the Economic and Fiscal Council to meet to discuss deflation measures earlier than scheduled, without giving an actual date. Prime Minister Junichiro Koizumi has earlier asked the Council to work out the measures by the end of this month. "I think the government will announce more concrete deflation measures before the Bush visit, otherwise the US will pressure Japan more to speed up a plan to revive the economy," Daiwa Bank's Endo said. Endo said market participants expect the deflation measures will include capital injection into banks. "I think it is the main issue -- whether the government will decide to inject more capital into banks," Endo said. According to reports, Fukuda has told reporters one of the possibilities is the inclusion of capital injection in the anti-deflation package. Endo said that the dollar/yen rate will move in a narrow range ahead of Bush's visit. "And even though the government announces deflation measures before the Bush visit, I don't think the current dollar/yen range of 132-135 will be broken," because by the time of the announcement, the news will have been digested by the market, he said. The euro was little changed against the major currencies on a lack of fresh leads, dealers said.