* Market consensus has all but ruled out June hike to U.S. rates
* Divergent monetary policy views bolster USD's long-term outlook
By Lisa Twaronite
TOKYO, March 20 (Reuters) - The dollar eased in Asian trade on Friday but remained well above this week's lows plumbed after the Federal Reserve's dovish stance on interest rates sent the greenback tumbling.
The dollar's plunge on Wednesday after the Fed cut its inflation outlook and its growth forecast did not alter the long-term view that divergent global monetary policy expectations will bolster the U.S. currency in the months ahead.
"The FOMC outcome did not rule out a rate cut, so pressure will remain on the yen as before. Today, there is a shortage of fresh trading incentives, so the yen has come back a bit, as we near the end of the month, quarter and Japanese fiscal year," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank in Tokyo.
Against the yen, the dollar edged down about 0.1 percent to 120.72, well above its Wednesday post-Fed low of 119.29 yen.
The Bank of Japan stood pat on policy earlier this week, as it has every month since expanding its massive stimulus programme in October last year.
BOJ Governor Haruhiko Kuroda has stuck to his view the central bank will to meet its 2 percent inflation target around the year beginning in April, even if it meant expanding its stimulus further.
But government officials attending the BOJ's February meeting signalled to the central bank that it shouldn't rush in accelerating inflation, minutes of that meeting showed on Friday.
Improving U.S. labour conditions suggest the Fed bank might position itself for a rate hike later this year, if other areas of the economy show strength.
On the U.S. data front on Thursday, the number of Americans filing new claims for unemployment benefits rose only marginally last week, indicating the labour market remained on solid footing.
In stark contrast to the Fed, the European Central Bank launched a quantitative easing programme this month that sent several key European yields to record lows and some into negative territory.
The euro inched up about 0.2 percent on the day to $1.0678 on Friday, but remained far from its high of $1.1062 hit on Wednesday after the Fed's announcement when it marked its biggest one-day rise against the dollar in six years.
This week's volatile swings saw the common currency plunge to a 12-year low of $1.0457 on Monday.
Against a basket of currencies, the dollar fell about 0.3 percent on the day to 98.943, up from Wednesday's session low of 96.628 but well below a 12-year peak of 100.390 touched a week ago.