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Usd/Jpy: Dec27 close Y113.28, Dec28.....>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: Dec27 close Y113.28, Dec28 Asia range Y112.78-113.35,
Europe Y112.67-92
*Eur-Jpy: Dec27 close Y134.74, Dec28 Asia range Y134.55-88, Europe Y134.46-76
*Usd/Jpy opened in Asia toward the upper side of yesterday's Y113.15-38 range
where cross demand somewhat negated the weaker dollar theme, leaving the pair
broadly unchanged on the day
*Usd/Jpy was offered from the get-go, the rate eased from Y113.35 to $112.97.
Pockets of demand were noted in the mid-teens but persistent Japanese exporter
supply pressured to Y112.78
*A period of stability saw the rate hold either side of Y112.80 into Europe.
However, the dollar selling theme returned linked to hedging requirements for
month, quarter and year-end
*Usd/Jpy touched extended pullback lows of Y112.67, dip buyers cushioned, firmer
UST yields aided the recovery to Y112.90/95
*Eur/Jpy largely tracked the dollar, rate slipped to Y134.46 before later
recovering to the Y134.65/70 area.

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