The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥94.85 level and was capped around the Â¥95.95 level. Finance minister Yosano reported the government will maintain its pledge to reduce public works spending by 3%. Also, it was reported the Aso government wants budget ceiling guidelines next week and Aso€™s Cabinet approved the fiscal policy outline for next year. Most traders expect the Bank of Japan will keep the overnight call rate target unchanged at 0.10% for the foreseeable future. The Nikkei 225 stock index lost 2.82% to close at Â¥9,549.61. 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¥134.40 level and was supported the Â¥131.40 level. The British pound moved higher vis-Ã -vis the yen as sterling tested offers around the Â¥156.85 level while the Swiss franc moved higher vis-Ã -vis the yen and tested bids around the Â¥89.45 level. In Chinese news, the U.S. dollar came off vis-Ã -vis the Chinese yuan as the greenback closed at CNY 6.8338 in the over-the-counter market, down from CNY 6.8345.
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