The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥107.55 level and was supported around the ¥106.75 level. Technically, today’s intraday high was right around the 50% retracement of the move from ¥110.10 to ¥104.95. The yen was pressured today after Credit Suisse posted decent quarterly results. Traders had expected some European banks to post disappointing results like their U.S. counterparts on account of write-downs related to the subprime crisis but the early intraday performance in European bourses raised risk appetites and lessened demand for yen. Traders await the results of the two-day Bank of Japan Policy Board meeting that begins on Thursday with most traders expecting the overnight call rate to remain unchanged at 0.50% for the next few months. Data released in Japan overnight saw orders for industrial machinery fall 1.5% y/y to ¥523.7 billion. Traders also await Thursday’s GDP data in Japan. The Nikkei 225 stock index gained 0.04% to close at ¥13,021.96. Dollar bids are cited around the ¥105.65/ 104.95 levels. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥156.65 level and was supported around the ¥154.85 level. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥210.25 and ¥97.65 levels, respectively. In Chinese news, yuan trading will recommence after the Chinese New Year holiday.