*Dec6 dollar-yen open Y112.60, range....>

YEN SUMMARY: *Dec6 dollar-yen open Y112.60, range Y112.11 to Y112.64

*Dollar-yen opened in Asia toward the middle of the Y112.38 to Y112.87 range

witnessed yesterday, where consolidation was largely the theme.

*Risk-aversion was the main theme during the Asia session, commodities and

regional equities opened softer and headed south. Dollar-yen eased from

mid-Y112.50's to Y112.37 before funding demand

*Once through Y112.30 the move gathered pace and extended to Y112.11, the drop

was in-line with regional equities going deeper into negative territory

*In option space, nearby options expiries for today include;

Y111.75-80($1.12bn), Y112.00($598mn), Y112.25-30($633mn) and Y112.75($916mn).

*Demand has been reported around Y112.00, which fits in nicely with the

technical picture, Y111.97 marks the 50% Fibonacci retracement on the Y110.84 to

Y113.09 rise, while hourly resistance lies at Y112.53.