FX Update: USD-JPY and yen crosses have traded lower
FX Update: USD-JPY and yen crosses have traded lower in Tokyo, where markets have reopened after a long weekend. Japan's Nikkei 225 has bucked the global equity rebound, closing with a 0.8% loss, while U.S. equity index futures are also lower following Wall Street's best two-day rally in just over two years. This backdrop has seemed to keep the yen bid. USD-JPY is presently just off its lows, showing a 0.5% decline, at 108.12 bid. The low was at 108.06, which is 2 pips shy of last Friday's five-month low. EUR-JPY logged a low at 133.16, down 0.2% on the day and so far leaving yesterday's nadir at 132.90 untroubled. AUD-JPY has seen a similar price action. Good demand is reportedly in wait into 108.00 in USD-JPY.