Dollar-yen: European open Y110.50,......>

YEN SUMMARY: Dollar-yen: European open Y110.50, range Y110.41-67, NY open

Y110.60, range Y109.91-110.66

*A mixed batch of US data release saw very little market reaction with

dollar-yen holding Y110.50/65.

*The release of soft US Pending Home Sales took the rate on to

extended pullback lows of Y110.29, before bouncing back over Y110.40.

*Broad based dollar pressure at the 4pm month end re-balancing saw the rate drop

to a new intra-day low of Y110.03.

As the fix finished the rate jumped back towards Y110.20.

*In reaction to Mnuchin comment "having weaker USD is somewhat

better for US trade" saw the rate crash through Y110.00 triggering stops. The

pair printed a new intra-day low of Y109.91 before bouncing towards Y110.20, as

US Tsys Yields firmed XAU and oil fell from their highs.

*The dollar slipped as US Tsys fell and commodities rose with the rate falling

to a new low of Y109.88.