The yen appreciated marginally vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥95.90 level and was capped around the Â¥96.70 level. Moody€™s Investors Service downgraded Japan€™s foreign currency debt rating and the finance ministry has ratcheted up the verbal intervention against the yen€™s recent strength. Data released in Japan overnight saw revised March industrial production climb 1.6% m/m while April revised tool orders were up 20.3% m/m and off 80.4% y/y. The Nikkei 225 yesterday stock index climbed 2.78% to close at Â¥9,290.29. 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¥131.85 level and was supported around the Â¥130.15 level. The British pound moved higher vis-Ã -vis the yen as sterling tested offers around the Â¥149.60 level while the Swiss franc moved higher vis-Ã -vis the yen and tested offers around the Â¥87.05 level. In Chinese news, the U.S. dollar depreciated vis-Ã -vis the Chinese yuan as the greenback closed at CNY 6.8250 in the over-the-counter market, down from CNY 6.8270.
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