The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥106.60 level and was capped around the Â¥107.85 level. Negative U.S. dollar sentiment increased demand for yen one day after the pair tested the Â¥105 handle for the first time since May 2005. Data released in Japan overnight saw December corporate bankruptcies fall 1.7% m/m while industrial output came off 1.6% m/m in November. Traders await Bank of Japan Policy Boardâ€™s interest rate meeting next week along with the probably downgrade to GDP growth forecasts to the fiscal year to March 2008. Most traders do not expect the BoJ to change the overnight call rate from 0.50% anytime soon. The Nikkei 225 stock index gained 2.07% to close at Â¥13,783.45. Dollar bids are cited around the Â¥104.20 level. The euro moved lower vis-Ã -vis the yen as the single currency tested bids around the Â¥156.40 level and was capped around the Â¥157.80 level. The British pound appreciated vis-Ã -vis the yen as the crosses tested offers around the Â¥212.40 level while the Swiss franc weakened vis-Ã -vis the yen and tested bids around the Â¥97.00 figure. In Chinese news, December property prices in 70 major Chinese cities were up 10.5% y/y.
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