The yen depreciated vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥98.50 level and was supported around the Â¥95.65 level. Data released in Japan overnight saw gross real gross domestic product for October - December upwardly revised to -3.2% q/q from the preliminary -3.3% print. This will likely result in a larger contraction to gross domestic product data in the current January € March period. Japan€™s fiscal year-end concludes at the end of this month and its economy is suffering from strong deflationary pressures, negative growth, and a current account surplus that recently turned negative € traditionally one of Japan€™s strong suits. The annualized contraction in October € December 2008 printed at -12.7%. The Nikkei 225 stock index lost 2.41% to close at Â¥7,198.25. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved higher vis-Ã -vis the yen as the single currency tested offers around the Â¥125.55 level and was supported around the Â¥122.10 level. The British pound moved higher vis-Ã -vis the yen as sterling tested offers around the Â¥135.50 level while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥81.30 level. The Chinese yuan appreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 6.8383 in the over-the-counter market, down from CNY 6.8399. Data released in China overnight saw January € February industrial output up 3.8% y/y.
Join the Discussion