The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the Â¥95.20 level and was capped around the Â¥97.00 figure. Many data were released in Japan overnight. April construction orders were off 25.9% y/y to Â¥562.8 billion while the trade deficit printed at Â¥24.62 billion between 1 € 10 May. Also, April industrial output was up 5.2% m/m and off 31.2% y/y. Other data saw April core consumer price inflation off 0.1% y/y, consistent with expectations. Bank of Japan€™s Policy Board is expected to keep its monetary policy unchanged for the foreseeable future, especially after upgrading its assessment of the economy earlier this week. The Nikkei 225 yesterday stock index climbed 0.75% to close at Â¥9,522.50. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the Â¥134.25 level and was capped around the Â¥135.70 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the Â¥153.25 level while the Swiss franc moved lower vis-à-vis the yen and tested offers around the Â¥88.90 level. In Chinese news, the U.S. dollar closed at CNY 6.8273 in the over-the-counter market. Treasury Secretary Geithner travels to China this weekend and meets with leading Chinese officials on Monday. Treasury officials said the Obama administration is €œattuned to the interests of our investors and plan to listen closely to what they have to say.€ The Chinese government has recently been critical of the effects of U.S. policy and how they impact the value of China€™s massive foreign reserves, about 70% of which are said to be denominated in U.S. dollars. The Treasury also said the €œU.S. dollar will continue to play a very important role for a very long time.€