The pair lifted to extended highs of Y95.32 following release of stronger than expected US PPI data. Sentiment soon turned on market talk of a large sell order into the London fix, and with Nikkei futures back in the red the rate pressed to Y94.40. Fresh supply took the pair through Y94.00 to extended lows of Y93.98, before dip demand settled around Y94.20/30 into the NY close. Euro-yen closed at Y125.90, the rate recovered off pullback lows of Y125.17 after earlier printing a European session high of Y127.02. Dollar-yen opened heavy in early Wellington trade and slipped to Y94.18, support in the dip from Japanese retail names cushioned allowing a modest bounce. Demand through the Tokyo fix along with a rally in the Nikkei extended the slow grind to Y94.84, consolidating session gains ahead of Europe. Offers reported on the topside at Y95.00/05 with stops set on a break of Y95.10. Euro-yen tracked the dollar, the rate pressed to early Asian lows of Y125.69, bouncing above Y126.00 to settle around Y126.25/35.
