The pair opened at Y118.84 having dealt a NY range of Y118.58 to Y119.31. Early demand from Japanese names lifted the spot to Y119.07 from an early low of Y118.83, demand ahead of Tokyo fix paid the pair to Y119.10 but plunged to fresh session low of Y118.82 on reported sales by Japanese banks after the fix. Dollar-yen jumped to Y119.06 ahead of BOJ and spiked up to hit a fresh Asian high of Y119.37 before recovery to Y119.26 last. Dollar-yen spiked higher after BOJ continue to increase its purchases of JGBs at an annual pace of about Y80 trillion, fuelled by higher US yields. Buyers line up at Y118.50 with expiry due Friday ($1.49bn), at Y118.00 with expiry at Y117.85/00 $1.8bn. Sellers at Y119.50 with expiry Friday ($1.38bn) and at Y120.00 with expiry of $5.75bn. The euro-yen started at Y146.01 after trading a NY range of Y145.60 to Y146.51. The cross tracked up to Y146.29 from an early low of Y145.99, before sliding to fresh session low of Y145.95, a quick recovery to Y146.25 before BOJ saw a jump to fresh session high of Y146.55 in afternoon and eases to Y146.52. Small demand reported at Y146.00 supported the cross in early trade, further demand noted at Y145.50, while sellers noted at Y146.80/00, Y147.50 and Y148.00.
