The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥98.40 level and was capped around the Â¥99.65 level. Data released in Japan overnight saw business investment off 17.3% y/y in Q4 2008, the seventh consecutive quarterly decline. These data will likely cause a downward revision to Q4 gross domestic product data that recently evidenced a provisional 12.7% annualized contraction. Revised GDP data will be released on 12 March. The Nikkei 225 stock index climbed 1.95% to close at Â¥7,433.49. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved lower vis-Ã -vis the yen as the single currency tested bids around the Â¥123.00 figure and was capped around the Â¥125.75 level. The British pound moved lower vis-Ã -vis the yen as sterling tested bids around the Â¥138.55 level while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥83.35 level. The Chinese yuan appreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 6.8409 in the over-the-counter market, down from CNY 6.8434. Traders are speculating the Chinese government will announced an additional stimulus plan to maintain at least an 8% growth rate in 2009.
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