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Dollar-yen: Aug21 close Y108.87,........>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: Aug21 close Y108.87, Aug22 Asia range Y108.89-109.34,
Europe Y109.17-46
*Euro-yen: Aug21 close Y128.60, Aug22 Asia range Y128.63-129.18, Europe
Y128.54-129.05
*Tokyo names were the predominant buyers in early Asia, dollar-yen moved through
Y109.00 to Y109.20  
*Dips were limited before firmer UST yields encouraged further dollar demand.
Rate squeezed to Y109.34 before fading to consolidate in narrow range trade
*Minor pullback in early Europe encountered willing dip buyers ahead of Y109.15.
As UST yields firmed dollar-yen was quick to take out the Asia high, gains
extended to Y109.46 before profit take sales emerged off the high
*Euro-yen tracked the early dollar move, rate made a brief show above Y129.00
but soon pared gains
*Yen demand via the crosses emerged with slippage extending to the Y128.75 area.
Recovery efforts remained shallow ahead of the German ZEW data release. Soft
Econ Sent index added fresh weight, rate extended the slow grind to Y128.54.

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