The yen depreciated vis--vis the U.S. dollar today as the single currency tested offers around the 101.55 level and was supported around the 100.80 level. Economic and Fiscal Policy Minister Ota reported the risks of a U.S. economic recession are increasing on account of declining consumption and employment. Both Bank of Japan and the Japanese government have recently noted increasing economic risks in the U.S. and their negative effect on Japans economy and this suggests the central bank will not be raising the overnight call rate from 0.50% anytime soon. Data released in Japan overnight saw Tokyo March condominium sales off 17.8% y/y while Osaka condominium sales were off 26.6% y/y. Finance minister Nukaga reported Japan has no intention on changing our thinking on foreign exchange reserves. The Nikkei 225 stock index climbed 0.57% to close at 12,990.58. Dollar offers are cited around the 103.65 level. The euro moved higher vis--vis the yen as the single currency tested offers around the 160.50 level and was supported around the 159.70 level. The British pound came off vis--vis the yen as sterling tested bids around the 198.50 level while the Swiss franc appreciated vis--vis the yen and tested offers around the 101.35 level. The Chinese yuan appreciated vis--vis the U.S. dollar as the greenback closed at CNY 6.9925 in the over-the-counter market, down from CNY 6.9990.