JPY spent quiet morning in Asia within last night’s US range but ran into afternoon weakness as Japanese stocks surged. Dollar-yen opened at Y98.49 and initially spent the morning between Y98.40 and Y98.60, while tech indicators also showed the pair trading within the Y98.21-56 Ichimoku cloud, and also in the vicinity of the 55-day and 100-day moving averages, Y98.45 and Y98.57, respectively. The release of the BOJ’s Oct 3-4 policy meting minutes did little for the yen, and dollar-yen then continued totrade at Y98.40 and Y98.52 from around midmorning, especially amid talk of large sell orders layered ahead of a Y99.00 barrier keeping a lid on the pair’s gains. Euro-yen meanwhile spent the morning mostly between Y132.55 and Y132.80. Dollar-yen however staged a surprise move higher in the early afternoon, as Japanese stocks started the afternoon session up sharply. Various reasons were offered up with some citing reports highlighting doubts over Japan’s Abe-nomics for the move against the yen. Dollar-yen jumped to a Y98.77 high while euro-yen also rallied to Y133.45. Dollar-yen was last at Y98.66 while the cross was at Y133.27.
