Dollar-yen: European open Y111.01,......>

YEN SUMMARY: Dollar-yen: European open Y111.01, range Y110.94-111.44, NY open

Y111.36, range Y110.96-111.71

*The dollar gains a fresh bid tone to Y111.45, coinciding with the

eur-usd move back under $1.1700.

*Despite the release of much stronger-than-expected US Durable Goods

(+6.5% vs median +3.7%), mixed component readings countered as the pair slips

from initial react highs of Y111.44 to hold Y111.35/40.

*As US Tsys yields firmed the rate followed suit grinding to a new intra-day

high of Y111.54, before slipping towards Y111.30

*The dollar received a lift following month end rebalancing at the 4PM WMR. The

rate printed a new intra-day high of Y111.71.

*In a risk off move the pair collapsed from its intra-day

high of Y111.71 to pullback lows of Y110.96 before tier 1 names were reported

buying, pushing the rate back over Y111.10.