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YEN SUMMARY: Dollar-yen: Aug24 close Y109.56, Aug25 Asia range Y109.50-77,
*Euro-yen: Aug24 close Y129.30, Aug25 Asia range Y129.17-50, Europe Y129.12-39
*Japanese CPI data largely went by unnoticed overnight, CPI excluding fresh food
and energy, the Bank of Japan's favoured inflation measure, came in right on
expectations at 0.1% y/y
*After trading sideways in a Y109.50 to Y109.61 range, Tokyo-fix related
interest pushed the dollar up from Y109.55 to Y109.77. Sources also attributed
the move to demand via the yen crosses, predominantly against euro and sterling
*The quiet theme spilled over into Europe, with many traders sidelined ahead of
Jackson Hole dollar-yen traded a very narrow Y109.56-70 range
*Euro-yen opened heavy in Europe, rate made a break of the tight range, touched
pullback lows of Y129.12 before dip buyers cushioned falls
*The release of marginally strong German IFO on the Business Climate and
Expectation components lifted to Y129.29 before fading
*Late short squeeze via the crosses extended to the Y129.35/40 area.