The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥95.50 level and was capped around the Â¥96.75 level. The Japanese government upgraded its overall economic assessment of the economy for the second consecutive month in June, reporting that exports and industrial production are improving. Notably, the government did not report the economy is €œworsening€ for the first time since December. Bank of Japan also raised its assessment of the economy, reporting the economy has €œbegun to stop worsening.€ Finance minister Yosano said the BoJ and government €œshare the exact same view on economic conditions€ and added the €œJanuary € March period was clearly the bottom€ for the current economic cycle. The government, however, noted capital expenditures and housing starts are €œdecreasing at a fast pace€ and said the employment situation is €œsevere and worsening rapidly.€ Data released in Japan overnight saw revised May machine tool orders off 79.2%. The Nikkei 225 stock index climbed 0.90% to close at Â¥9,840.85. 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¥134.60 level and was supported around the Â¥132.35 level. The British pound moved lower vis-Ã -vis the yen as sterling tested bids around the Â¥155.60 level while the Swiss franc moved higher vis-Ã -vis the yen and tested offers around the Â¥89.25 level. In Chinese news, the U.S. dollar strengthened vis-Ã -vis the Chinese yuan as the greenback closed at CNY 6.8360 in the over-the-counter market, up from CNY 6.8330.
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