Japanese names were the stand-out........>

DOLLAR-YEN: Japanese names were the stand-out buyers overnight, gains extended

to Y113.71 but with lack of follow through consolidated either side of Y113.65

for the balance of the session. Sharp falls in the Nikkei started to pressure

towards the close, rate pared Asia gains, touched pullback lows of Y113.38 into

Europe before dip buyers cushioned falls. On the downside demand is reported on

approach to Y113.00 (Y113.09 - Nov9 low), a break opens Y112.96/95 (Oct31 low,

Japanese demand). Resistance at Y113.70/71 (61.8% Y114.07-113.09, Asia high).

* Quiet with US data today. At 1600GMT the New York Fed Survey of Consumer

Expectations will be published followed at 1900GMT from US Treasury Budget

figures.

* Option-expiries Y112.35($865mn), $112.95-113.00($565mn), Y113.10-15($785mn),

Y114.50($860mn), Y115.10($864mn).