LONDON (MktNews) - The much-awaited speech by Japanese Prime Minister Junichiro Koizumi on his reform plans had little impact on the yen in Asian trade Monday. Meanwhile euro-dollar holds over $0.89 after stop-loss sales edged the pair lower in early trade.

YEN: Koizumi comments broadly as expected with little market impact.
-- Dollar-yen has traded in a range of Y121.30/75 in Asian trade.
-- Dollar spent most of the Asian session around Y121.60 with this level seen holding during and after the Prime Ministers speech.
-- Weak talk circulated that Kampo has been a buyer of dollar-yen, helping the move from session lows.
-- Offers seen capping at Y121.75/80 ahead of stops at Y121.95.
-- However, other traders report offers at Y122.00.
-- Further stops seen at Y122.25.
-- Some traders expect bids to return at Y121.30.
-- Bids noted at Y121.00.

EURO: Edged lower in early trade as stops tripped.
-- Stops seen tripped at $0.8912.
-- Bids supported the move at $0.8905/00.
-- Below there, US profit-taking bids are seen at $0.8885.
-- US and European buyers are also seen ahead of stops at $0.8850.
-- Offers seen initially at $0.8940/50.
-- Further offers seen at $0.9020.

-- Traders expect trade to be quiet in European hours with UK markets closed for the May Day holiday.