The pair opened at Y117.52 this morning in the Asia-Pacific and inched up marginally to Y117.73 before getting dragged down by euro-yen’s fall from around Y131.30 to a low of Y130.15. The move was linked to reports that Greece’s Syriza party was set to win the election there, an outcome which is likely to erode risk appetite further. Dollar-yen fell to a low of Y117.27 and then recovered as the euro-yen also rebounded sharply from its initial low. The cross recovered to a high of Y131.89 before stabilizing just off that. It spent the rest of the morning between Y131.28 and Y131.70. Dollar-yen bounced to a high for the morning at Y117.83 and then backed away. It last traded at Y117.56 while euro-yen was at Y131.39.
