Dollar-yen: European open Y113.50,......>

YEN SUMMARY: Dollar-yen: European open Y113.50, range Y113.27-113.55, NY open

Y113.34, range Y113.25-113.67

*A small bounce in the pair as NY arrives with the rate grinding towards

Y113.40.

*Following US Tsys yields dropping, the rate followed suit printing a fresh low

of $1.1325 before paring losses and grinding back towards Y113.40.

*Firmer UST yields/stocks provided fresh appetite, dollar-yen touched

Y113.57 before fading around resistance from the European morning high.

*After printing fresh recovery highs of Y113.57, the rate pared

its gains as the Dow slipped, along with US Tsys yields fading. The rate fell

back towards Y113.40.

*Firming US Tsys yields combined with the Dow getting a lift saw the greenback

get a lift, the rate moved to recovery highs of Y113.67.

*Following a slip in US Tsys yields and a drop in the Dow witnessed

the rate drop towards Y113.50 before dip buyers emerged pushing the rate back

over Y113.60.