Japanese markets returned from a long weekend today to find dollar-yen firmer again and heading toward Y100.00, after ending last week near Y99.22. Early market chatter was about a Y100.00 option strike that was expiring today in Tokyo, with the pair edging toward there after opening at Y99.74. But the market was largely subdued with most of the attention on the Australian dollar, and dollar-yen ground slowly higher through the morning, aided by rumored demand from Y99.60/50. There were also reports of larger bid interest at Y99.00 and dollar-yen eventually broke through Y100.00 for a Y100.07 high. The pair failed to hold those gains toward the end of the morning and was last down at Y99.79, with stops above Y100.10 believed to be still intact, according to dealers.
