The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the Â¥97.35 level and was supported around the Â¥95.40 level. Technically, today€™s intraday high was right around the 61.8% retracement of the move from Â¥99.65 to Â¥93.50. The government released its January € March corporate sentiment survey and it weakened substantially to -51.3 from -35.7 in the October € December quarter. These data suggest the Bank of Japan€™s next quarterly Tankan survey could be extremely weak. Other data released today saw residential and commercial land prices decline. The Nikkei 225 stock index climbed 3.39% to close at Â¥8,215.53. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the Â¥132.25 level and was supported around the Â¥130.15 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the Â¥141.85 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the Â¥86.30 level. In Chinese news, the U.S. dollar closed at CNY 6.8335 in the over-the-counter market. People€™s Bank of China Governor Zhou today reported €œThe reestablishment of a new and widely accepted reserve currency with a stable valuation benchmark may take a long time.€