Another wave of JPY cross buying dominated the Asian currency market moves on Tuesday with broad-based JPY cross demand seen from model funds. USD-JPY, which opened in Tokyo slightly above 97.00, rallied as high as 98.40, extending gains in the afternoon on the back of a surge in the Nikkei which rallied over 3% in the afternoon. The JPY cross demand saw the USD under pressure from a number of currencies. EUR-USD defied a plethora of downgraded German GDP forecasts to rise from 1.3613 at the Tokyo open to highs of 1.3679, but continues to stall ahead of the recent highs above 1.3700. Fresh highs for the year were seen in a number of JPY crosses today including EUR-JPY which rallied to 134.51 and the highest since October. NZD-JPY made fresh highs for the year by just one point at 56.34. AUD-JPY made fresh highs for the year at 69.62 and the highest levels since November. GBP-JPY made fresh highs for the year at 144.91 while CAD-JPY made fresh highs for the year at 80.57 and CHF-JPY made fresh highs at 87.72. Asian stocks were broadly higher, helping to underpin U.S. treasury yields were marginally firmer. Crude prices remained above $53 easing slightly in Asia, while gold dropped over $9 as risk appetite rose. Base metals continued to hold recent gains.