Recovery off Tuesday's NY low of.........>

DOLLAR-YEN: Recovery off Tuesday's NY low of Y105.78 extended to Y106.35

(Y106.31 NY high Mar19) in Asia with comments from Japan Trade Minister Seko at

the G20 mentioning that recent moves have been 'too volatile', as well as

suggesting Japan may get some trade concessions from the US cited for providing

part of the upside drive. This, along with a general buoyant USD tone ahead of

Wednesday's FOMC, have kept the rate firm, holding just off highs into Europe

around Y106.29. Asian traders have noted sell interest in place at the mentioned

high of Y106.35, more between Y106.45/50. Traders have also noted that the

Y106.00 and Y107.00 levels hold the strikes of decent sized option expiries for

Wednesday's cut, $3.07bn and $1.01bn respectively which could act to keep rate

within recent parameters.