The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥100.20 level and was supported around the ¥98.80 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from ¥108.60 to ¥95.70. Today’s is the last day of Japan’s fiscal year and many traders believe Japanese accounts will begin investing yen in overseas markets from next month. Dealers await the release of tonight’s Tankan survey of business confidence for the January – March period and most economists expect a decline in confidence on account of higher input costs and lower global demand. Data released in Japan overnight saw average monthly earnings including bonuses up 1.3% y/y, the second consecutive monthly rise. Also, February housing starts were off 5.0% y/y, the eighth consecutive monthly decline, while orders received by Japan’s 50 largest contractors were up 18.4%. The Ministry of Finance confirmed it did not intervene in the foreign exchange market in March. It was also reported that February industrial production was off 1.2% m/m and was up 4.2% y/y. Dollar offers are cited around the ¥102.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥158.10 level and was supported around the ¥156.05 level. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥200.05 and ¥100.50 levels, respectively. The Chinese yuan was unchanged vis-à-vis the U.S. dollar as the greenback closed at CNY 7.0120 in the over-the-counter market. People’s Bank of China reported it will continue to tighten monetary policy because there are evident upward inflationary pressures. Notably, the consumer price index was up 8.7% y/y in February, the sharpest rise in nearly twelve years. Data released in China overnight saw February fixed-asset investment up 24.3% y/y in the two months to February.