Asia-Pac equity benchmarks have..........>

DOLLAR-YEN: Asia-Pac equity benchmarks have broadly recovered after the BoJ's

pledge to "provide ample liquidity and ensure stability in financial markets,"

as pressure mounts on global central banks to take supportive measures. USD/JPY

has wiped out its initial losses & moved into positive territory. The rate last

trades at Y108.26, 36 pips better off. 

- Looking into today's data: Japanese capex shrank more than expected in Q4. Our

policy team highlighted that the figure fell for the first time in 13 quarters.

Company profits & sales extended declines in Q4. Elsewhere, Japan's Jibun Bank

M'fing PMI registered at 47.8 vs. January's 47.6. 

- The 200-DMA at Y108.40 has capped gains thus far. A rally through the level

would encourage bulls to target the 100-DMA at Y109.23. Meanwhile, bears look

for a drop below the Y107.00 figure, which as limited losses in early trade.