Yen subdued in absence of US treasury market - BBH

Analysts at Brown Brothers Harriman explained the dollar peaked against the yen near JPY113.45 after the US jobs data and then sold off.  

Key Quotes:

"It continued to fall to a little through JPY112.25 on Monday before rebounding to trade near JPY112.75 in thin dealings after European markets closed on Monday. With the US Treasury market closed, a powerful driver of the yen was not available, and the US equities were subdued."

"The head of the Party of Hope and Governor of Tokyo Koike is due to formally submit the party's candidates for this month's election.  Her own name will most likely not be listed.  This means that she will not directly challenge Abe.  As this has become clearer, it appears her party has lost some momentum."