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Usd/Jpy: Nov30 close Y112.50, Dec1......>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: Nov30 close Y112.50, Dec1 Asia range Y112.32-70, Europe
Y112.32-65
*Eur-Jpy: Nov30 close Y133.91, Dec1 Asia range Y133.81-134.30, Europe
Y133.80-134.38
*The dollar encountered early pressure in Asia following news the US had
suspended the Tax Bill vote until 1600GMT today. As the Nikkei turned negative
Usd/Jpy touched pullback lows of Y112.32 before dip buyers cushioned falls
*Rate started to pare losses with an improving Nikkei, recovered to Y112.64 but
soon faded ahead of Europe
*As yen crosses supported Usd/Jpy largely consolidated Y112.55-65 in early trade
*After an initial dip to Y134.06, short covering saw Eur/Jpy squeeze through the
Asia high to Y134.38. Light profit take sales eased off the high despite balance
mfg PMI readings across Europe
*Downside momentum took the rate under Y134.00, slippage extended to Y133.80
*The risk off theme pared early Usd/Jpy gains to Y112.32, before meeting support
from the Asia low. Yen pairs last Y112.47/Y133.85.

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