The yen briefly hit one-week highs against the dollar on Wednesday as the start of a Bank of Japan meeting had some traders betting that the end of the bank's super-easy monetary policy could come sooner rather than later. However, the dollar later reversed losses as some caution set in ahead of the meeting, which ends on Thursday, and as Japanese exporters took advantage of the yen's rally to buy dollars. Although few expect the bank to end the policy at this meeting, traders said investors had been buying the yen on the possibility BOJ Governor Toshihiko Fukui could make upbeat comments on the economy. "I think it's inevitable that Governor Fukui will indicate we're that bit closer to the end of quantitative easing but I still think the message will be one of relative caution," said Derek Halpenny, currency economist at Bank of Tokyo Mitsubishi. "The whole idea of buying yen on an interest rate change is a weak trade in my opinion. It's not clear what the end of quantitative easing means for interest rates," he added. The dollar hit a one-week low of 117.53 yen in Tokyo trading but later reversed losses, partly on Japanese corporate demand for the dollar below 118 yen, market participants said. By 1300 GMT, the dollar was trading around 118.41 yen , up a third of a percent from levels in New York late on Tuesday when it fell about 1.3 percent. The dollar was up slightly against the euro at $1.1948 , close to the previous day's five-week highs.