Japanese stock market performance set the tone for yen pairs in today’s Asia-Pacific session with dollar-yen uder pressure from earlier in the day, as the Nikkei 225 traded in negative territory. Dollar-yen opened at Y102.49 and traded down to Y102.45 after the local stock market open. There was a mild recovery after that as stocks briefly pared their opening losses, with dollar-yen then edging back up to Y102.68 before then turning back around. This time, the pair dropped right through the initial low and went to Y102.30 and then to Y102.23. The pair extended the lows to Y102.17 as Japanese stocks wentback into the red in the afternoon session, chalking up losses of over 1.10%, after ending the morning with small gains. Dollar-yen was last at Y102.25. Euro-yen meanwhile was also a guided largely by the whims of Japanese stocks, with the cross slipping to Y140.76 after stocks opened and after it opened at Y140.81. Euro-yen recovered marginally to Y141.04 and then headed lower from then on, hitting an afternoon low of Y140.35, and was last at Y140.44.
