Dollar-yen: Aug22 close Y109.56,........>

YEN SUMMARY: Dollar-yen: Aug22 close Y109.56, Aug23 Asia range Y109.37-83,

Europe Y109.33-57

*Euro-yen: Aug22 close Y128.82, Aug23 Asia range Y128.65-129.12, Europe

Y128.49-129.06

*Dollar-yen opened firm in Asia, Japanese retail demand pushed the dollar higher

from Y109.55 to Y109.83 before meeting supply from Japanese exporters

*Reports that President Trump had threatened a government shutdown over the

border wall was quick to pare gains, rate dropped sharply to Y109.37 

*Recovery efforts remained shallow in early Europe, topside gains were capped

ahead of Y109.50 as the pair ground out a fresh low of Y109.33

*Strong PMI mfg readings across the EU (particularly Germany) squeezed with

euro-yen to Y109.57 but soon faded to hold Y109.35/45

*Euro-yen opened heavy, rate moved through the Asia base to Y128.49 ahead of

Draghi's speech. No mention of tapering saw minimal react, before the release of

strong German PMI triggered fresh appetite to Y128.99. Pullbacks remained

shallow, persistent demand interest later extended to Y129.06.