The pair opened at Y117.61 and marked small gains to Y117.72 in the opening few hours. The move ran into sellers at the Y117.70/75 region and the pair turned lower after, drfiting to Y117.43 soon after Japanese stocks opened higher. The Nikkei 225 failed to hold opening gains and slipped into the red soon after, weighing down on dollar-yen as well, which then retreated further to Y117.17. Minor demand from offshore accounts put a temporary floor under dollar-yen and gave it a mild lift to Y117.30 and then to Y117.44. The RBA’s decision to cut its policy rate sparked fresh moves in the market with aussie-yen getting slammed to a low of Y89.61 vs the earlier Y91.38 high, and dollar-yen following suit with a withdrawal to Y116.98. As the aussie stabilized, dollar-yen ran into demand from Japanese names off the low, helping the pair briefly recover to Y117.07. It last trades down again at Y116.93. Further offers are noted toward Y118.00, some of that linked also to an expiry there
