Usd/Jpy: European open Y112.59, range...>

YEN SUMMARY: Usd/Jpy: European open Y112.59, range Y112.51-64, NY open Y112.58,

range Y112.55-113.08

*The quiet theme in Asia spilled over into Europe, reported bids ahead of

Y112.50 cushioned as the pair held near the peak of its Y112.51-64 European

morning range.

*The release of stronger-than-expected US Housing Starts touched

extended recovery highs of Y112.85, before lower revisions provide a counter.

*The yen continues to lose ground via the crosses this combined with

US Tsys Yields firming has seen the rate grind to fresh session highs of

Y112.94.

*A further bout of dollar demand as US Tsys Yields continue to firm

and commodities slip ahead of the tax bill vote has seen the rate print fresh

session highs of Y113.08.

*Following US Tsys Yields slipping after tax bill was passed, the pair fell

towards Y112.90, however the market reaction was somewhat muted.