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YEN SUMMARY: Dollar-yen: Oct31 close Y113.66, Nov1 Asia range Y113.61-96, Europe
*Euro-yen: Oct31 close Y132.37 Nov1 Asia range Y132.34-60, Europe Y132.40-76
*The dollar gained a fresh bid tone overnight, news that PM Abe is to order an
extra budget and 'excellent progress' on the US tax bill encouraged firmer UST
yields to Y113.94
*Post-fix the pair drifted to hold either side of Y113.85
*Minor pullback into Europe was met by fresh dip buyers ahead of Y113.70, rate
was quick to pare losses, squeezed to Y113.96 before supply ahead of Y114.00
*Persistent demand via the crosses finally made a break of Y114.00, touched
extended highs of Y114.03 before fading
*Traders look to the key area of Y114.45/49 (Oct27 high - GDP react, Jul11 high)
for the next leg higher
*Euro-yen held a firm tone throughout the session, gains extended from Y132.40
to Y132.76 before light profit take sales eased off the high.