Dollar-yen: Aug17 close Y109.50,........>

YEN SUMMARY: Dollar-yen: Aug17 close Y109.50, Aug18 Asia range Y109.28-58,

Europe Y108.96-109.42

*Euro-yen: Aug17 close Y128.42, Aug18 Asia range Y128.00-47, Europe

Y127.83-128.43

*The soft NY close encouraged further selling in early Asia, dollar-yen took out

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

*As expected the Nikkei opened lower but never really carried. Specs started to

cover, Tokyo-fix related demand then lifted the dollar to Y109.46

*Post-fix the move extended to Y109.55 with added support from UST yields, but

as the Nikkei started to pare gains, dollar-yen drifted to hold Y109.30/35

*Dollar-yen opened firm in Europe, rate touched Y109.42 but was quick to pare

gains in tandem with soft UST yields

*The break of Y109.00 touched pullback lows of Y108.96 and holds heavy

*Euro-yen extended its corrective pullback through Y128.00, reported stops were

triggered on the break with slippage extending to Y127.83. Late euro-based short

covering squeezed to Y128.32, but soon faded to hold Y128.15/25.