The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥98.95 level and was supported around the ¥98.05 level. Bank of Japan is considering the provision of ¥1 trillion in subordinated loans to financial institutions to bolster their capital ratios and stimulate bank lending. This policy is being deliberated to try and ease credit strains ahead of the fiscal year-end at the end of this month. Data released in Japan overnight saw February revised machine tool orders up 7.2% m/m and off 84.4% y/y. Additionally, the January tertiary industry activity index was up +0.4% m/m. The Nikkei 225 stock index climbed 3.18% to close at ¥7,949.13. U.S. dollar offers are cited around the ¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥128.55 level and was supported around the ¥127.15 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥139.35 figure while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥83.65 level. The Chinese yuan appreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 6.8369 in the over-the-counter market.