The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the Â¥91.75 level and was capped around the Â¥93.20 level. The pair came off following weaker-than-expected U.S. consumer confidence data. France€™s Renault SA Chief Executive Officer Carlos Ghosn said his industry will not rebound before 2011. Also, the German media reported the International Monetary Fund is considering at least ten aid programs with Eastern European governments. Additionally, the Central Bank of the Russian Federation reduced interest rates today. Collectively, these suggest the global economy may be weaker-than-expected and risk appetite may be waning, hence the yen€™s appreciation. There is new talk that Bank of Japan€™s Policy Board is considering an extension of its unconventional monetary policies through their current September expiration. Data released in Japan today saw the June corporate goods price index decline 6.6%, the largest fall on record. Prime Minister Aso reported he €œwill decide on the timing of the dissolution (of Parliament) in the near term.€ The Nikkei 225 stock index lost 0.04% to close at Â¥9,287.28. 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¥127.80 level and was capped around the Â¥130.60 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the Â¥148.35 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the Â¥84.40 level. In Chinese news, the U.S. dollar strengthened vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8317 in the over-the-counter market, up from CNY 6.8308. Chinese officials again called on global leaders to reduce the U.S.€™s dollar€™s role as the main international reserve currency. German Chancellor Merkel countered and said what the Chinese have proposed €œis not yet of practical relevance in the near future.€