Usd/jpy - 88.34 ... China bought a net $8.4 bln of Japanese bonds in May, exceeded the $6.2 bln of net purchases it logged in first four months of 2010. China bought a net 694.8 bln yen in short-term notes, a record high on data going back to Jan 2005. Total net buying of short-term Japanese debt by overseas investors hit a record 4.4 trln, led by buying by UK investors, up fm 620.3 bln in April. The greenback rallied fm y'day's low of 87.02 to 88.47 in Asia on renewed appetites (eur/jpy, aud/jpy n gbp/jpy rose sharply fm 110.75 to 112.03, fm 75.63 to 77.23 n fm 133.07 to 134.46 respectively) due to the rally in global equities (Nikkei rallied by 231 points to 9511 following the 274 points rally in U.S. Dow Jones index). Bids are now located at 88.00/10, 87.70/80 n further out at 87.60. On the upside, mixture of offers n stops is tipped at 88.50 but more selling interest is noted at 88.70/80.