The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥96.95 level and was supported around the ¥95.85 level. A government survey confirmed that capital expenditures were off 25.3% y/y between January and March. Bank of Japan Policy Board member Kamezaki yesterday suggested the downside risks to the economy outweigh the upside risks to the economy but warned the central bank may need to take bank some monetary stimuli if inflation overheats. The Nikkei 225 stock index lost 0.75% to close at ¥9,668.96. U.S. dollar offers are cited around the ¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥137.40 level and was supported around the ¥135.55 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥155.15 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥90.65 level. In Chinese news, the U.S. dollar weakened vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8298 in the over-the-counter market, down from CNY 6.8324.