Usd/jpy - 104.20 ... Despite intra-day rebound to 104.71, the greenback has retreated after meeting indicated offers fm model funds n U.S. names, the pair dropped to 104.11 on unwinding in carry trades on risk aversion partly due to news on Lehman Brothers losses (Nikkei 225 down 260 pts, eur/jpy also slipped n stops below 162.00 were triggered). However, some bids are still noted at 104.00-10 for protection of stops below 103.90-104.00 n more Toushin demand in good size is tipped further out at 103.50-60. On the upside, offers fm Asian names n sovereign accounts are lined up fm 104.50 up to 105.00.
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