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JAPANESE YEN ANALYSTS COMMENTS

Mizuho Corporate Bank - "Jumpy intra-day moves but merely hovering around 106.00. For this morning expect yet more work between 105.50 and 106.50. Yesterday’s squeeze to a high 106.78 is seen as a small ‘spike high’ which should eventually lead to a break below 105.00 which should set off some stops taking prices down to 103.00."

Thomson Financial News - "In addition to weak stocks, pension funds' new money into the market provided support. Bank of Japan's Tankan yesterday prompted an excessive selloff in the market and some adjustment was seen today."

Mizuho Corporate Bank - "Nervous intra-day moves but not really going too far in any direction. For this morning expect yet more work between 105.25 and 106.50. The longer we hold below here the sooner the break below 105.00 which should set off some stops taking prices down to 103.00."

Thomson Financial News - "The Tankan survey results were still weak and they were not a strong sell factor for the market. And there are more key economic events coming this week, so market participants refrained from active trading only on the Tankan survey."

Thomson Financial News - "The market had expected that the Tankan survey would be worse than the expectations but it turned out to be stronger, prompting investors to sell bonds."

Thomson Financial News - "The (Tankan) results were slightly better than expected. But it is also true that the results were worse than the previous survey."

Thomson Financial News - "Small-sized companies that face difficulties in raising delivery prices due to concerns about the impact on sales, are feeling bigger downside risks to their profits than the leading companies, which will result in a bigger decline in sentiment."

Thomson Financial News - "The confidence of retail, as well as the restaurant and hotel service sectors is likely to fall due to sluggish consumer spending and surging costs, while sentiment in the construction and real estate sectors is also likely to drop due to higher construction costs and funding costs."

Thomson Financial News - "As declines of profits are now gaining momentum, stemming from a slowdown in overseas economies led by the U.S. economy, and surging energy and material costs, a steep deterioration of business sentiment is likely to continue."

ACM - "The BoJ Tankan survey for Q2 came in slightly better then expected in all areas except overall show deterioration. The large manufacturing index reached 5 (3 was expected), large non-manufacturing index reached 10 (8 was expected), and the large all-industry CAPEX was 2.4% (2.0% was expected). While some of the intraday Jpy buying can be attributed to the superficial positive data, we still believe macro conditions will define price activity in the near term."