The pair witnessed a subdued session this morning in Asia, in part due to the closure of US markets for the Labor Day holiday. Dollar-yen opened at Y104.18 a touch higher than where it had ended last Friday, at Y104.09. It edged up to a high of Y104.21 but ran into selling from the Y104.20/25 zone, generally light but sufficient to cap the move there.Dollar-yen retraced to a low of Y104.12 after that but recovered again a few minutes after the release of the MOF’s survey of major companies on capital spending and corporate profits. Again dollar-yen failed to break above Y104.21, retreating again for another visit to the Y104.12 low. Since then dollar-yen has consolidated within a Y104.15 to Y104.19 for the rest of the morning, and was last at Y104.18. In the crosses, euro-yen opened at Y136.72 early this morning and followed dollar-yen up to a Y136.83 low. That was the extent of the morning’s gains for euro-yen though, the cross then turning south after that and traded a late morning low of Y136.66. Euro-yen was last at Y136.67
