The cross pushed up to Y103.32 Friday before closing the week around Y103.20. Rate opened slightly lower at Y103.12 and continued its corrective pullback in early Asia before Tokyo opened and dropped the rate down to Y101.97 as the market reacted to reported comments from the Economics Minister Amari saying that, ‘it is being said that the correction of the strong yen largely completed,’ adding that ‘if the yen weakened a lot more it will have negative impact on peoples’ lives.’ Buyers quickly emerged into the dip allowing the rate to push back to Y102.92, despite Japan upgrading its economic assessment for the first time in two months, but seen more as a reaction to the strong close on Wall St, with the Japanese retail market leading the demand off lows. Traders noted that the recovery encountered decent offers placed above Y102.90, with talk in Asia that sell interest seen dotted from here through Friday’s high and onto Y103.50. Rate eased off recovery highs, settling around Y102.60 into Europe. Euro-yen tracked dollar-yen, dropping from Y132.30 (NY close Y132.50) to Y131.00, recovered to Y132.10, settling between Y131.80/90.
