Usd/Jpy: Asia open Y113.33, range.......>

YEN SUMMARY: Usd/Jpy: Asia open Y113.33, range Y113.27-39. Europe open Y113.32,

range Y113.24-50.  

* Eur/Jpy Asia open Y134.56, range Y133.91-Y134.66. Europe open Y134.46, range

Y134.24-50. 

* Eur/Jpy triggered stops sub Y134.45 early Asia and rate eased to Y134.38.

* Another wave of selling hit into Tokyo on reaction to German ForMin warning on

effect of minority German govt. 

* Rate was sold to an extended low of Y133.91 then recovered to Y134.33 into the

Tokyo fix. 

* Usd/Jpy was side lined, held Y113.27-39 though noticeable that it didn't track

initial cross move lower.

* Yen continued to trade on the softer side, Eur/Jpy edged on to Y134.50 in

Europe, while Usd/Jpy edged to Y113.45.

* Asian traders suggested Usd/Jpy likely to hold a Y113.20-50 range on the day. 

* Expiries at Y113.00($2.04bn), Y113.20-35($2.02bn) and Y113.50($2.29bn)

expected to help contain.