Yesterday the pair trade between Y98.26 and Y99.94, the Japanese currency went back to watching stock markets today for leads, while euro-yen market action also provided little inspiration for the pair. Dollar-yen opened just under Y99.00 and after a lackluster Y98.95 to Y99.10 early range, fell to a Y98.68 low soon after the Nikkei 225 started trading. The positive tone in stocks helped USD/JPY back up to morning highs of Y99.33 before exporters offers near there clamped a lid on the pair, and sparked a move back toward Y99.00. Some said those offers were related to a large option contract expiring later today. By the end of the morning session, the Nikkei was flat at 14,472.85 while dollar-yen was also not very far from where it had started the day, at Y99.04, while the cross was trading at Y129.50.
