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Yen weakening early in the Asia-Pac session,....>

YEN
YEN: Yen weakening early in the Asia-Pac session, USD/JPY last up 12 pips at
111.55. The pair had dropped from around 113.40 after the BoJ cut JGB purchases
on Tuesday. The BoJ will conduct 1-10 Year purchases today, expectations that
the Bank will leave purchase sizes unchanged is helping weaken yen today and
bringing USD/JPY off a 6-week high. 
- The market held an extreme yen short position, the unwinding of which helped
accelerate the move lower. As the amount of short positions eases this could
help stem the downside in USD/JPY.

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