The pair was in demand this morning against a backdrop of risk-averse trading and as Japanese stock markets fell over 2% in the morning session on worries about Ukraine tensions and Chinese corporate defaults. Dollar-yen opened at Y101.83 after hitting a Y101.54 low during the US session, while euro-yen opened at Y141.25 following its US low of Y140.73. Early morning dealings were hushed but dollar-yen was clearly holding a heavy tone and dipped to around Y101.70 as Japanese stocks started their day. Euro-yen was also pulled lower and traded Y140.95 before the Nikkei 225 opened. Dollar-yen saw a minor recovery to Y101.86 around midmorning while the cross went back to Y141.28. Dollar-yen however sank further to a low of Y101.60 in the afternoon as Japanese and other regional stock market indices retreated further. Dollar-yen was lastat Y101.70 while euro-yen was at Y140.97.
