VIEW: Barclays write that "we expect USDJPY...>

JAPAN: VIEW: Barclays write that "we expect USDJPY to stay in a range of

105~110. In the very short term, we look for a steady trend around the

108.0~109.5 daily ichimoku base line/conversion line, supported by the global

equity recovery. Short-term USDJPY xccy basis appears likely to remain at tight

levels in the absence of another major risk-off move. That said, we believe the

risks to both JGB yields and USDJPY may be skewed to the downside depending on

overseas developments. Potential catalysts include the Brexit vote, US federal

government shutdown, Chinese economic data for December (Monday) and the ECB

Governing Council meeting (Thursday). If Chinese data strengthen perceptions of

a further slowdown in the global economy, we believe JGB yields and USDJPY could

see a downside breakout from the range seen over the past one or two weeks."