The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥94.75 level and was capped around the ¥96.20 level. The pair reached its lowest level since 20 March as risk aversion again ruled the market. Data released in Japan overnight saw March core machinery orders off 1.3% m/m while the April domestic corporate goods price index was off 0.4% m/m and off 3.8% y/y. Democratic Party of Japan finance spokesman Nakagawa reported the U.S. government should issue yen-denominated bonds, a policy that would see Japan continue to purchase U.S. assets but also weaken the greenback. The Japanese media yesterday reported the government is likely to upgrade its assessment of the economy. The Nikkei 225 yesterday stock index lost 2.64% today to close at ¥9,093.73. 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 offers around the ¥127.95 level and was capped around the ¥131.15 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥143.55 level while the Swiss franc moved higher vis-à-vis the yen and tested bids around the ¥84.50 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8215 in the over-the-counter market, down from CNY 6.8250.