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Dollar-yen: Aug1 close Y110.32, Aug2....>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: Aug1 close Y110.32, Aug2 Asia range Y110.31-92, Europe
Y110.62-89
*Euro-yen: Aug1 close Y130.18, Aug2 Asia range Y130.18-131.18, Europe
Y130.86-131.40
*Dollar-yen opened firm in Asia, UST yields/Nikkei 225 supported to Y110.60
*Dips were shallow and limited to Y110.49. Stop driven demand in eur-yen from
model names squeezed to Y110.92 before fading
*Pullback off the high continued into Europe, rate touched Y110.62 before
meeting willing buyers in the dip
*Strong cross demand emerged (stg-yen/eur-yen/aud-yen), rate started to pare
European morning losses with gains extending to Y110.89
*Euro-yen took out the Y131.00 barrier overnight, triggering stops to Y131.18
*Slippage in tandem with the dollar drifted to Y130.86 in early Europe
*The cross started to pick up fresh momentum with added support from eur/chf. As
the buoyant euro tone continued, rate moved through the Asia high to Y131.40
before easing. Yen pairs last Y110.78/Y131.23.

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