USD/JPY is barely changed, last trades...>

DOLLAR-YEN: USD/JPY is barely changed, last trades at Y109.39. According to the

BoJ's Tankan Survey for Q4, inflation expectations of Japanese firms over

one-year's time slipped to +0.8% from +0.9%.

- The rate climbed through the Asia-Pac & early European hours on Friday amid

optimism inspired by UK election results & U.S.-China phase-one trade pact. That

said, the details of the deal struck by Washington and Beijing lacked clarity,

prompting USD/JPY to trim its earlier gains.

- Fiscal matters were also in focus on Friday, as BBG reported that Japan will

spend an extra Y4.5tn to boost the economy.

- Bears keep an eye on the 200-DMA at Y108.79 and a break here would bring

Y108.43 into view. The latter level represents the 50% retracement of the Apr 24

- Aug 26 sell-off, as well as the lows of Dec 4 & 9. Bulls look for a jump above

the Dec 2 multi-month high of Y109.73 to expose the May 30 high of Y109.93.

- Looking ahead, Japanese data this week includes flash Jibun Bank PMIs (due at

the bottom of the hour), trade balance (Wednesday) and national CPI (Friday).

The BoJ will deliver their monetary policy decision on Thursday.