The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥95.95 level and was capped around the Â¥98.30 level. Data released in Japan overnight saw February industrial output off 9.4% m/m, worse-than-expected and marginally better than Januaryï¿½ï¿½s record 10.2% pullback in the sector. Notably, exports were off 49% y/y in February and these data may collectively force the Aso government to broaden the fiscal stimulus plan it is availing to counter the massive recession in Japan. Other data saw the trade balance print at Â¥217.26 billion between 1 ï¿½ 10 March. Japanï¿½ï¿½s fiscal year ends tomorrow. The Nikkei 225 stock index lost 4.53% to close at Â¥8,236.08. 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¥126.40 level and was capped around the Â¥130.55 level.
Join the Discussion