The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥89.60 level and was capped around the ¥90.25 level. Japanese financial markets were closed overnight but the yen gained ground on escalating risk aversion ahead of a busy week of U.S. economic data and earnings reports from public companies. Trade, bank lending, and current account data will be release overnight. Bank of Japan is expected to keep monetary policy easy for the next several months. The Nikkei 225 stock index closed Friday at ¥8,836.80. U.S. dollar offers are cited around the ¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥120.10 level and was capped around the ¥121.45 level. The British pound moved lower vis-à-vis the yen as sterling tested offers around the ¥133.75 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥80.10 level. The Chinese yuan weakened vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8370 in the over-the-counter market, up from CNY 6.8356. People’s Bank of China Governor Zhou said Most people believe it (8 percent GDP growth for 2009) is a reasonable goal but we know we need to watch the international situation.
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