USD/JPY shed 12 pips in the Asia-Pac.....>

DOLLAR-YEN: USD/JPY shed 12 pips in the Asia-Pac session and last sits at

Y110.74, with the yen atop the G10 leaderboard. The pair bounced from worst

levels on the back of modest risk-on flows, as the Nikkei 225 moved into

positive territory. However, USD/JPY pulled back slightly, as the Nikkei ebbed

lower towards the end of the session (albeit finishing in the green).

- Muted reaction noted upon the release of Japanese Feb Nikkei m`fing PMI, which

saw the index slip into contractionary territory, printing at 48.5 vs. 50.3 in

January.

- Bears look for a fall below the 100-HMA/200-HMA at Y110.63/61, which would

allow them to set their sights on Y110.41, which represents the cloud Tenkan

Sen. Meanwhile, the initial bullish attention is drawn to the Feb 14 YTD high of

Y111.13, ahead of the upper Bollinger band (2%) at Y111.28.

- Japanese focus turns to domestic CPI & BoJ Rinban ops scheduled for Friday.