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China Repo Rates Rise on Tuesday


(M1) Erratic Spike Erased


(M1) Fragile Outlook

DOLLAR-YEN: USD/JPY has edged lower and last sits at Y108.84 in early Asia-Pac
dealing. The pair slipped 15 pips Thursday, ignoring the release of BoJ's
summary of opinions from the Jan MonPol meeting, which stressed the importance
of easy policy amidst materialising downside risks. 
- Worth mentioning a free-trade deal between Japan and the EU comes into force
on Friday. The pact establishes the largest free-trade zone in the world, which
will encompass about 33% of global economy. 
- Initial downside focus falls on Y108.50, which limited Thursday's losses as
the USD stumbled post-Fed into Asia, before recovering later in the day,
followed by the Jan 16 low of Y108.36. Conversely, bulls look to the 21-DMA at
Y109.02 before attempting a breach of Thursday's peak five pips above. 
- Japanese labour mkt data comes out at the bottom of the hour. Next week,
Japanese focus will turn to trade balance due Friday & the usual BoJ Rinban ops.