The pair ended in the US at Y99.91 and started in Asia with another brief foray above Y100.00, while the cross, which had closed NY at Y129.97, edged up through Y130.00 for Y130.20 before Asian markets got underway. A weak opening in Japanese stocks sent dollar-yen sliding back through Y100.00, and it traded a Y99.70 low soon after, while euro-yen pulled back in tandem to Y129.72. Japanese stocks pared their losses in the morning, and helped dollar-yen edge closer to Y100.00. Exporter offers are noted behind this level at Y100.20. Dollar-yen settled between Y99.75/90 into the Asian afternoon. Importer demand is noted below Y99.50 with talk emerging of ‘ugly stops’ in place below Y99.00. Euro-yen was also holding near its lows, having extended that to Y129.61 amid worries about Eurozone debt problems, while some in the market waited vainly for a recovery in stock markets to spur short-covering.
