The JPY slumped to another 6-year low vs the dollar this morning, with dollar-yen trading through Y109.00 for the first time since September 9, 2008. Dollar-yen started in Asia at Y108.69 as it consolidated some of its recent moves during the overnight session last night. Early dollar demand kept the pair off a Y108.63 low but gains were initially also limited to Y108.86. Euro-yen meanwhile started at Y140.46 this morning and traded in an early Y140.42/62 range. Euro demand then triggered a rise in euro-yen, with thecross spiking up to a Y141.22 high as Japanese stocks also rose and dollar-yen followed suit with a jump through Y109.00. The follow-through dollar demand then lifted dollar-yen through the Sept 9, 2008 high of Y109.08 and it pushed through Y109.20 to peak at Y109.47, its highest since August 29, 2008. Offers at Y109.50 then capped the move and it quickly retreated to Y109.01 before stabilizing in a Y109.15/30 range for the rest of the morning. Dollar-yen was last at Y109.23 while euro-yen was at Y141.12
