*Aug18 Dollar-yen open Y109.57, range...>

YEN SUMMARY: *Aug18 Dollar-yen open Y109.57, range Y109.30 to Y109.58

*Dollar-yen opened in Asia at the low side of the Y109.45 to Y110.37 range

witnessed by European and US markets yesterday, where risk aversion and

political angst surrounding the Trump administration underpinned the yen.

*The soft NY close has encouraged further selling in early Asia, the dollar took

out yesterday's base at Y109.45 to post a low of Y109.37.

*Recoveries we held to Y109.54, intraday specs expecting a weak Nikkei open then

sold down to Y109.30.

*Nikkei opened lower, but never really carried on the move and specs started to

cover. Tokyo-fix related demand then lifted the dollar from the mid-Y109.30's to

Y109.46. Post-fix the move extended to Y109.55 amid higher US rate yields

*As the Nikkei eventually started to slide deeper into the red the dollar

followed, the rate eased from around Y109.50 to $109.33 and nearing the start of

European trading remained on the defensive at Y109.35.