The pair started the day at Y103.18 after sucessfully breaking through Y103.00 in overnight dealings and trading a high of Y103.44 during the US hours. Early dealings were relatively tame and dollar-yen kept to a Y103.20/30 range in the early hours as the makret waited for further clues from the BOJ’s releae of its quarterly Tankan survey. Dollar-yen showed little reaction initially and held up near Y103.26 as Japanese stocks also opened slightly higher. Dollar-yen however turned lower after that, falling to Y103.09as euro-yen also dropped to a session low of Y142.01 after opening at Y142.13 earlier. The release of China’s CFLP PMI gave risk sentiment a lift and dollar-yen rebounded to a new high for the morning at Y103.35 as the cross also rallied off the low to Y142.36. Yen pairs then consolidated their early moves as Japanese stocks ended the morning session off their worst levels, with dollar-yen last quoted almost flat at Y103.26 while euro-yen stayed at Y142.25.
