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• BOJ ramps up bond buying to defend yield cap nL1N2Y1028

• Its resolve for low interest rates keep yen in downtrend despite jawboning

• USD/JPY peaked at its highest level since 1998 on Mon, when spot hit 135.22

• Though the fall in global equities, rise in risk aversion, saw a relapse

• Mkt still stretched nr-term, but expect bigger gains eventually nL1N2Y10GH

• Downside likely limited, given Japanese importer and others solid demand

• USD/JPY has seen a 133.88-134.82 range on Tues, according to EBS price data

• EUR/JPY's 30/60-day long correlations with USD/JPY remain well above +0.50

• The two currency pairs close in the same direction more often than not