Dollar-yen: Europe open Y111.17,........>

YEN SUMMARY: Dollar-yen: Europe open Y111.17, Europe range Y111.15-43, NY open

Y111.24, range Y111.18-111.66

*Minor pullback encountered fresh dip buyers ahead of Y111.15, momentum-type

accounts then lifted to near 2-month highs of Y111.43 in late European morning

trade.

*The rate drifted off their highs into the NY open, as US Tsys yields slipped.

*The dollar received a lift with firming UST yields to hold around the

Y111.30/35 area.

*A fresh wave of dollar demand, following rising US Tsys yields saw the pair

print a fresh intra-day high of Y111.60.

*As US Tsys yields fell from their highs, the pair followed suit,

dropping from its high of Y111.60 towards Y111.45.

*As US Tsys yields continued to grind higher, the rate followed suit printing a

new intra-day high of Y111.66.

*A sharp drop in US Tsys yields, as profit takers emerged into the close saw the

rate drop towards Y111.40.