The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥95.10 level and was supported around the ¥94.00 figure. Data released in Japan today saw June retail sales off 3% y/y. There is significant talk that Japanese investors will be repatriating proceeds from Eurobond redemptions and this is weighing heavily on some of the crosses. Data released in Japan today saw June retail sales decline 3% y/y. Most traders believe Bank of Japan will begin to gradually unwind its considerable monetary stimuli by the end of the year when some of its emergency lending and liquidity provision programs begin to mature. The Nikkei 225 stock index climbed 0.26% to close at ¥10,113.24. U.S. dollar offers are cited around the ¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥132.75 level and was capped around the ¥134.40 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥156.30 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥87.10 level. In Chinese news, the U.S. dollar lost ground vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8285 in the over-the-counter market, down from CNY 6.8315.