Dollar-yen: Europe open Y113.60,........>

YEN SUMMARY: Dollar-yen: Europe open Y113.60, range Y113.53-76, NY open Y113.56,

range Y113.03-113.69

*Rate pared European morning gains with soft UST yields, touched pullback lows

of Y113.53 before support from the Asia low cushioned falls.

*The arrival of NY witnessed firmer US Tsys yields, with the rate grinding

towards Y113.70.

*The dollar under renewed selling pressure moved through the Asia low

with slippage extending to Y113.37.

*Broad based dollar demand, as US Tsys yields rose of their session

lows, saw the rate grind to recovery highs of Y113.54 before fading.

*A drop in US Tsys yields combined with XAU getting a lift witnessed

the rate drop to fresh intra-day lows of Y113.20.

*The dollar remained under pressure as traders continued to turn to yen, chf and

gold as a safe haven. This came as a Bloomberg source story reported the tax

plan maybe phased in over 5 years. The pair went on to print fresh session lows

of Y113.05, before paring losses and grinding towards Y113.25., before fading.