The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥97.55 level and was capped around the ¥98.75 level. Risk aversion returned to the markets as traders were loath to assume risk in higher-yielding assets ahead of many Q1 earnings reported in the U.S. Data released in Japan overnight saw the March trade surplus print at ¥11.0 billion, above expectations with exports off 45.6% y/y and imports off 36.7% y/y. The Nikkei 225 stock index climbed 0.18% to close at ¥8,727.30. U.S. dollar offers are cited around the ¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥126.20 level and was capped around the ¥128.10 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥140.60 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥83.55 level. The Chinese yuan depreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 6.8264 in the over-the-counter market, up from CNY 6.8224. Many economists believe China will fall short of its objective of notching 8.0% annual growth in 2009.