The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥97.20 level and was capped around the Â¥98.85 level. Data released in Japan overnight saw January core machinery orders off 3.2% m/m while the February domestic corporate goods price index was off 0.4% m/m and 1.1% y/y, the latest indication that deflationary pressures have not yet subsided. The yen was stronger across the board today as traders weighed the ongoing global economic problems against, yesterday€™s strong gains in U.S. equity markets, and Japan€™s slumping economy. Most traders expect Bank of Japan will expand its purchase of assets to keep market rates of interest restrained. The Nikkei 225 stock index climbed 4.55% to close at Â¥7,376.12. 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¥124.10 level and was capped around the Â¥125.70 level. The British pound moved lower vis-Ã -vis the yen as sterling tested offers around the Â¥133.90 level while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥83.90 level. The Chinese yuan appreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 6.8399 in the over-the-counter market, down from CNY 6.8410. Data released in China today saw February urban property sales up 6.9% y/y.
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