The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the Â¥96.00 figure and was supported around the Â¥95.10 level. Bank of Japan Governor Shirakawa reported €œNo central bankers believe that a bubble can or should be prevented by monetary policy alone.€ BoJ Deputy Governor Yamaguchi reported price stability is a key objective for the central bank and added Japan€™s economy is not in a deflationary spiral. Yamaguchi added the core consumer price index decline will moderate from this summer. Prime Minister Aso on Friday said he hopes to avoid an increase in long-term interest rates. Data released in Japan overnight saw May industrial output up 5.9% m/m and off 29.5% y/y, the third consecutive monthly increase. Also, Japan registered a merchandise trade deficit of Â¥37.87 billion in the first ten days of June. Additionally, May overall retail sales were off 2.8% y/y. The Nikkei 225 stock index lost 0.95% to close at Â¥9,783.47. U.S. dollar offers are cited around the Â¥104.15 level. The euro strengthened vis-à-vis the yen as the single currency tested offers around the Â¥135.50 level and was supported the Â¥133.35 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the Â¥159.25 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the Â¥88.80 level. In Chinese news, the U.S. dollar moved lower vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8325 in the over-the-counter market, down from CNY 6.8360. China ruled out €œsudden€ changes to its foreign exchange reserves policy and suggested the U.S. dollar may continue to dominate global trade. People€™s Bank of China Governor Zhou added China€™s reserves policy is €œalways quite stable.€