The pair weakened marginally in the early hours of the session today after it had opened at Y107 vs the dollar and at Y136.91 against the euro. Dollar-yen and euro-yen both started the morning on a relatively even keel, dollar-yen holding initially in a Y107.80/90 range while the cross stayed at Y136.88/97. Yen pairs edged higher in the early hours, with demand cited from Japanese names. Gains continued even after Japanese stocks opened lower with traders citing dollar-yen and euro-yen bids being put in for the Tokyo fix. Euro-yen traded through Y137.10 while dollar-yen also went up through Y107.90 as BOJ Governor Kuroda began his testimony to parliament earlier. Dollar-yen traded a high of Y107.99 while the cross went to Y137.21 soon after the fixing, before the gains tapered off as dollar-yen failed to break above Y108.00 in the face of rumored sellers at Y108.05/10. The subsequent drift lower saw euro-yen trade back to Y137.04 last while dollar-yen was last at Y107.80.
