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YEN SUMMARY: *Aug25 Dollar-yen open Y109.56, range Y109.50 to Y109.77
*Dollar-yen opened in Asia at the upper side of the Y108.85 to Y109.60 range
witnessed yesterday, where firmer UST yields encouraged modest dollar strength
*Japanese CPI data largely went by unnoticed, CPI excluding fresh food and
energy, the Bank of Japan's favoured inflation measure, came in right on
expectations at 0.1% y/y.
*After trading sideways in a Y109.50 to Y109.61 range, Tokyo-fix related
interest pushed the dollar up from Y109.55 to Y109.77. Sources noted, decent
demand was also seen on Yen crosses, predominantly against Euro and Sterling.
*For the balance of the session consolidation was the theme, the dollar traded
in a Y109.57 to Y109.69 range
*German 2Q GDP (0600GMT) provides the initial event risk (cross flows), the main
event is seen later in the day with a speech from Fed's Yellen at 1400GMT and
ECB's Draghi at 1900GMT from the Jackson Hole Symposium