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Broader demand for the greenback.........>

DOLLAR-YEN
DOLLAR-YEN: Broader demand for the greenback pushed USD/JPY higher yesterday.
The rate recouped Wednesday's losses and finished the day 34 pips better off.
- NHK reported that Japan's gov't plans to offer some Y70bn in subsidies for
firms willing to relocate the manufacturing of certain products (e.g. masks,
disinfectants) away from China.
- Meanwhile, Jiji ran a story noting that the gov't suspended bids seeking
contractors for a campaign supporting restaurants.
- USD/JPY last trades at Y107.28, virtually unchanged on the day. Topside focus
falls on Jul 14 high of Y107.43 and a breach of that figure would draw attention
to Jul 7 high of Y107.79. Bears look for a dip through Jul 15/10 lows of
Y106.67/65 before targeting Jun 23 low of Y106.07.
- Japanese calendar next week features trade balance (Monday), CPI (Tuesday) and
flash Jibun Bank PMIs (Wednesday).

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