Dollar-yen: European open Y113.13,......>

YEN SUMMARY: Dollar-yen: European open Y113.13, range Y112.96-113.38, NY open

Y113.37, range Y113.30-113.73

*The pair once again drifted on continued react to yesterday's Trump tax reforms

comment and indictment of three of his former team. Slippage to Y112.96

encountered Japanese megabank demand with a quick spike to the Y113.30 area.

*Broad based dollar demand in early NY, as US Tsys yields firmed witnessed the

rate print fresh session highs of Y113.47 before fading.

*The release of stronger-than-expected MNI Chicago PMI (66.2, prior

65.2) and highest since March 2011, lifted rate to fresh daily highs of Y113.50.

*A sharp drop in XAU, in reaction to the launch of Bitcoin futures exchange, saw

broad based pressure on the yen, with the rate printing fresh session highs of

Y113.53 before fading.

*A sharp jump in the pair, as month end rebalancing began, with

the pair spiking to fresh session highs of Y113.73.

*The pair slowly slipped into the NY close as US Tsys yields dropped