The yen appreciated vis--vis the U.S. dollar today as the greenback tested bids around the 100.80 level and was capped around the 101.90 level. Bank of Japan Governor Shirakawa talked about the yen saying Of course, foreign exchange moves have an impact on various sectors of the economy. I will keep closely monitoring how (the recent dollar/yen moves) will affect the overall economy. In principle, foreign exchange levels should reflect economic fundamentals and I won't comment on daily moves or levels. But just to recap, the recent trend is that the yen has been strengthening versus the dollar, but not necessarily against the euro. He also testified today that the economy is unlikely to face a severe downturn and will return to its trend growth rate. Data released in Japan today saw March revised machine tool orders up 3.3% y/y. The Nikkei 225 stock index climbed 1.20% to close at 13,146.13. 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 161.85 level and was supported around the 160.40 level. The British pound and Swiss franc appreciated vis--vis the yen as the crosses tested offers around the 200.75 and 101.60 levels, respectively. The Chinese yuan appreciated vis--vis the U.S. dollar as the greenback closed at CNY 6.9918 in the over-the-counter market, down from CNY 6.9925. The Chinese State Council reported China will continue to tighten its monetary policy with prudent measures. Data released in China today saw Q1 GDP growth of 10.6% y/y while inflation printed at 8.0% in Q1 with March inflation at 8.3%.