USD/JPY - 86.61.. BOJ Governor Shirakawa said to the lower house budget committee in the morning that the central bank will do its utmost to help country escape deflation. Dlr/yen has maintained a firm undertone (although price dipped to 86.20 in NZ earlier due partly to Sunday's release of weak China July PMI where the index fell for a 3rd straight month in July to a 17-month low of 51.2). Offers by Japanese exporters n funds are seen at 86.70-80 n more abv with stop reported abv 87.00. On the downside, bids by Japanese importers n semi-official names are touted fm 86.20-00 with some more stops building below Friday's 8-mth low at 85.95. Range trading looks set to continue n if dlr is unable to penetrate Fri's NY high at 86.73 decisively, expect intra-day selling wud increase but rebound in Asian stocks shud prevent steep fall in Asian session.
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