The JPY ran into fresh weakness this morning in the Asia-Pacific, with traders noting Japanese corporate accounts offloading on the yen ahead of a holiday weekend in Japan, as markets there are due to observe a holiday next Monday. Dollar-yen opened at Y107.11 this morning, just off the NY high of Y107.20 and saw an early dip to Y106.97 before edging back up to Y107.00. It remained just around the Y107.00 mark for the early few hours of the session and then moved up through the US session high to Y107.23 soon after Japanese stocks opened. Dollar-yen continued to rise as yen crosses also continued to move higherr through the morning, with euro-yen climbing back up from a Y138,25 low to an eventual high of Y138.74. Dollar-yen peaked at Y107.40 in the late morning, its highest since September 2008. Dollar-yen was last atY107.36 while euro-yen was at Y138.72.
