The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥99.00 figure and was capped around the ¥100.30 level. Technically, today’s intraday low was right around the 38.2% retracement of the move from ¥95.70 to ¥101.05. Data released in Japan overnight saw the February corporate services price index climb +0.3% m/m and +0.7% y/y, the fifteenth consecutive monthly rise. Also, Japanese exports rose 8.7% y/y in February as the merchandise trade surplus rose 0.9% to ¥969.97 billion. Traders await the release of Bank of Japan’s March Tankan quarterly survey of business sentiment next week and most economists expect sentiment will deteriorate. Dealers are also awaiting any indication that progress is being made in the Fukuda government’s quest to nominate a candidate for the Bank of Japan Governor who will not be rejected by opposition lawmakers. The Nikkei 225 stock index lost 0.30% to close at ¥12,706.63. Dollar offers are cited around the ¥102.15 level. The euro came off vis-à-vis the yen as the single currency tested bids around the ¥155.65 level and was capped around the ¥156.75 level. The British pound and Swiss franc came off vis-à-vis the yen as the crosses tested bids around the ¥198.65 and ¥99.00 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.0318 in the over-the-counter market, down from CNY 7.0448 – the pair’s weakest showing since the yuan revaluation of July 2005.