Reports in the Washington Post that......>

DOLLAR-YEN: Reports in the Washington Post that said Senate Republican leaders

are considering a one-year delay in the implementation of a major corporate tax

cut, set the risk-off tone in early Asia. Macro names were the stand-out

sellers, dollar-yen touched Y113.64 before dip buyers emerged off the low.

Recovery efforts have continued into Europe with gains extending to the

Y113.88/93 area. Option-related supply is noted through Y113.95/00 (Expiries

$980mn), the Asia high provides next resistance (Y114.03), opening a move toward

Y114.34/50 (Nov7 high, Expiry $1.34bn). Support remains at Y113.64 (Asia low,

rising daily trend-line & 61.8% Y112.96-114.73). Another light day on the data

front with headlines expected to drive. Dollar-yen last Y113.84.