The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥96.45 level and was capped around the Â¥97.10 level. Bank of Japan Governor Shirakawa said the Group of Seven meeting in Washington, D.C. this weekend evidenced some indications of hope on the economy and he added there are nascent signs the economy may be stabilizing with the rate of economic decline decelerating. The yen gained steam overnight as global fears over a possible swine influenza pandemic increased. The Nikkei 225 stock index climbed 0.21% to close at Â¥8,726.34. 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¥126.45 level and was capped around the Â¥128.30 level. The British pound moved lower vis-Ã -vis the yen as sterling tested bids around the Â¥140.0 level while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥84.00 figure. The Chinese yuan depreciated vis-Ã -vis the U.S. dollar today as the greenback closed at CNY 6.8275 in the over-the-counter market, up from CNY 6.8233. Chinese Vice Finance Minister Li Yong reported €œflawed international monetary system is the institutional root cause of the (financial) crisis, and a major defect in the current international economic governance structure. People€™s Bank of China Governor Zhou and Chinese government officials continue to call for the creation of a supranational reserve currency.
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