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YEN SUMMARY: Dollar-yen: Aug28 close Y109.25, Aug29 Asia range Y108.34-109.26,
*Euro-yen: Aug28 close Y130.84, Aug29 Asia range Y129.66-130.89, Europe
*Reports of a North Korea missile that flew into Japanese airspace prompted
wide-spread risk aversion in early Asia. Dollar-yen came under pressure from the
get-go, the rate dropped quickly from around Y109.25 to Y108.34
*The arrival of Tokyo players brought much needed liquidity and support, the
dollar rose to Y108.95 before fading to hold in narrow range trade
*Recovery efforts continued into Europe, dollar-yen extended the slow grind to
Y108.97 with added support via the crosses. Pullback off the high extended to
Y108.65, UST yields/DXY weighed heavily to Y108.39
*Euro crosses remained well supported throughout the morning. As euro-dollar
took out barriers at $1.2000 and $1.2050, euro-yen lifted to Y130.89 before
meeting resistance from the Asia high. Strong offers are reported ahead of the
Y131.00 barrier. Yen pairs last Y130.85/Y108.50.