The yen depreciated marginally vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥96.10 level and was supported around the Â¥95.70 level. Liquidity was reduced with most U.S. desks closed for the Independence Day weekend celebration. The Ministry of Finance named Tomoyuki Furusawa as the new head of its currency division but most MoF-watchers do not believe this will lead to a major change in currency policy. The yen has recently traded in an inverse manner to the performance of global equities markets. Declining risk appetite has oftentimes resulted in an appreciation in the yen. Bank of Japan will convene its quarterly meeting of branch managers on Monday and many Japanese data will be released during the week. Traders await further indications that Japan€™s economy may be improving including better industrial production and factory output data, along with a turnaround in the weak labour market. The Nikkei 225 stock index lost 0.61% to close at Â¥9,816.07. 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¥134.80 level and was supported around the Â¥133.55 level. The British pound moved lower vis-Ã -vis the yen as sterling tested bids around the Â¥156.40 level while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥87.90 level. In Chinese news, the U.S. dollar moved higher vis-Ã -vis the Chinese yuan as the greenback closed at CNY 6.8315 in the over-the-counter market, up from CNY 6.8304.
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