Another day of JPY weakness this morning as the fallout from the BOJ’s decision last Friday to ease further continued. Dollar-yen opened at Y114.75, just off the overnight high of Y114.85. The pair had stalled just shy of the psychological Y115.00 mark as offers surrounding a rumored barrier there limited the gains. Dollar-yen held near Y114.77 as the BOJ published the minutes of its Oct meeting and then backed away after the release. It stalled near Y114.60 and then staged another rally toward Y115.00. It briefly traded through, reaching Y115.09 before turning back again. Euro-yen meanwhile opened at Y143.25 and rose to an early high of Y143.60. It reversed some of the initial gains on a lack of follow-through euro strength ahead of the ECB meeting. Dollar-yen and euro-yen extended gains in the afternoon this time reaching highs of Y115.53 and Y144.24, respectively before sharply pulling back as the Nikkei 225 also reversed course. Dollar-yen was last at Y114.71 with the cross at Y143.39.
