Yen weakness has been a feature in early-week trade in Asia-Pacific, with the currency following its usual inverse correlation with stock markets. The combo of dollar strength and strong data out of the U.S. on Friday has been tonic for most equity markets in Asia (Australia a notable exception), leading to 11-week highs in both the Shanghai Composite and Nikkei 225. USD-JPY extended its post-U.S. payrolls gain, making a 123.47 peak, the loftiest level seen since Aug-21 and 1.2% up from Friday's pre-jobs report bid. EUR-JPY, meanwhile, posted a three-day peak.
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