Even with the Japanese markets closed for a Coming of Age Day holiday, the FX market focus was on the Yen today as it continued to build upon its week long gains against the dollar. On Sunday, Japanese Finance Minister Tanigaki was quoted saying that despite the large volatility in the market over the holidays due to low liquidity, he believes that the Yen moves in the past week are largely in line with fundamentals; Tanigaki comment was considered bullish for the native currency propelling the yen to a 3 month high today against the dollar during the Asian session. After falling nearly 200 pips in Friday US session due to a bearish jobs report and speculation of halt on US interest rate hikes, the USD/JPY opened in Asia today around 114.50. The pair quickly dipped down below 114.00 triggering stops along the way, before finding support at the session low of 113.75. The Yen lost some steam late in Asia with the pair pushing back up to 114.20 by the start of the European session.