The yen depreciated vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥100.15 level and was supported around the Â¥99.30 level. The pair continues to claw back following its recent foray below the psychologically-important Â¥100.00 figure. All eyes will be on the Fukuda government to see who it may name this week to succeed retired Bank of Japan Governor Fukui following the failure of the two earlier nominations last week. Acting BoJ Governor Shirakawa said The top priority is to appropriately handle the nervous climate in the global financial market triggered by the subprime loan issue. Data released in Japan overnight saw the March large company business sentiment index fall to a record low at -9.3 in the January â€“ March period, down from +0.5 in the October â€“ December period. Finance minister Nukaga reported the Chinese yuanâ€™s recent appreciation hasnâ€™t been enough and this will likely be topical at the April Group of Seven meeting. It was also reported that nationwide land prices appreciated for the second consecutive year in 2007. Other data released overnight saw February supermarket sales up 1.9%, the first rise in 26 months. The Nikkei 225 stock index gained lost 0.02% to close at Â¥12,480.09. Dollar offers are cited around the Â¥102.05 level. The euro moved higher vis-Ã -vis the yen as the single currency tested offers around the Â¥154.75 level and was supported around the Â¥153.05 level. The British pound gained ground vis-Ã -vis the yen as sterling tested offers around the Â¥199.25 level while the Swiss franc weakened vis-Ã -vis the yen and tested bids around the Â¥97.85 level. The Chinese yuan depreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 7.0555 in the over-the-counter market, up from CNY 7.0540.
Join the Discussion