The yen appreciated sharply vis-à-vis the U.S. dollar today as the greenback tested bids around the Â¥94.65 level and was capped around the Â¥96.10 level. Bank of Japan raised its economic assessment for all regions of the country for the first time since January 2006, primarily on account of an improvement in exports and production. BoJ noted €œthe pace of economic deterioration was slower in all regions compared with the previous assessments€ but added €œmost regions, however, emphasized that their economies continued to be in a severe situation.€ On a negative note, the central bank reported capital spending is €œsharply falling€ and reported consumer spending €œremains weak.€ BoJ Governor Shirakawa noted €œJapan€™s economic conditions, after deteriorating significantly, have begun to stop worsening.€ Data released in Japan today saw the May diffusion-based leading index improve to 60.0 in May from 50.0 in April while the composite-based leading index printed at 77.0 in May from 76.2 in April. The Nikkei 225 stock index lost 1.38% to close at Â¥9,680.87. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the Â¥131.70 level and was capped around the Â¥134.20 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the Â¥153.00 figure while the Swiss franc moved lower vis-à-vis the yen and tested bids around the Â¥86.75 level. In Chinese news, the U.S. dollar moved higher vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8334 in the over-the-counter market, up from CNY 6.8315. Chinese commerce minister Chen said China will likely continue to be negatively impacted by a slowdown in global trade, but said global trade volumes will €œrecover a little bit€ before the end of the year. China launched a trial yuan settlement scheme today.