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USD/JPY last seen at Y108.46, 6 pips.....>

DOLLAR-YEN: USD/JPY last seen at Y108.46, 6 pips higher on the day. The pair
stuck to a ~20 pip range overnight, with some JPY weakness noted just ahead of
the Tokyo fix. Familiar technical picture is in play, with bulls looking to
yesterday's high of Y108.56 and bears targeting Y108.00.
- Japanese household spending missed exp., while labour & real cash earnings
were both better than forecasted, but remained in negative territory.
- Worth noting the BoJ raised the size of its 10-25 Year purchases after
reducing the monthly purchase frequency to 3x from 4x in its June plan. 
- Japanese FinMin Aso confirmed that he will hold a bilateral meeting with U.S.
Tsy Sec Mnuchin at the sidelines of the meeting of G10 FinMins this weekend. Aso
declined to comment on the details of what will be discussed. As a reminder,
yesterday Asahi reported that the two ministers will talk about the currency
clause that might be included in a trade deal.
- Data-wise, Japanese focus next week turns to domestic GDP (f), BoP c/a data
(p) & Eco Watchers Survey due Monday, core machine orders & PPI due Wednesday,
as well as industrial output (f) due Friday.

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