The yen depreciated vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥98.65 level and was supported around the Â¥97.20 level. There is talk that Japan may have decided to move forward with its third fiscal stimulus plan. Today is the last day of Japan€™s fiscal year and many data were released overnight. First, February all household spending was off 3.5% y/y. Second, February construction orders were off 24.9% y/y to Â¥916.8 billion. Third, February housing starts were off 24.9% y/y to 62,303 units. Fourth, the February jobless rate rose to 4.4%. The Nikkei 225 stock index lost 1.54% to close at Â¥8,109.53. 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¥131.55 level and was supported around the Â¥128.20 level. The British pound moved higher vis-Ã -vis the yen as sterling tested offers around the Â¥141.35 level while the Swiss franc moved higher vis-Ã -vis the yen and tested offers around the Â¥86.65 level. The Chinese yuan appreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 6.8330 in the over-the-counter market, down from CNY 6.8331.
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