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*** Tokyo, and for that matter South.....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: *** Tokyo, and for that matter South Korea, were both closed Monday,
which along with the later US and Canadian holidays today made for a fairly
quiet Asian session. The only activity was seen driven by sales of Try/Jpy as
the Turkish lire came under pressure over its diplomatic spat with the US
concerning visas. Usd/Jpy saw a low of Y112.33, extending its corrective
pullback from Friday's initial NFP/AHE react high of Y113.44, the move down
already being influenced by risk positioning after reports late Friday that
N.Korea were readying a missile test (an ICBM which could reach the west coast
of the US), possibly to coincide with its Communist Party anniversary Tuesday.
However, buyers were quick to move into the dip before rate consolidated within
a basic Y112.55/65 range. Traders note that there is large option expiry
interest this week concentrated between Y112.00/113.00. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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