The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥94.40 level and was capped around the Â¥95.45 level. Minutes from Bank of Japan€™s 14-15 July Policy Board meeting were released overnight in which the central bank reported it may extend its emergency credit measures into 2010 if funding conditions in the market do not improve enough. Currently, some of the bank€™s credit provision measures expire at the end of December. BoJ Governor Shirakawa this week indicated demand may not increase enough to sustain economic growth. The BoJ may be forced to extend its purchase of corporate debt. Data released in Japan today saw the June tertiary industry index rise 0.1%. The Nikkei 225 stock index climbed 0.76% to close at Â¥10,597.33. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved lower vis-Ã -vis the yen as the single currency tested bids around the Â¥134.20 level and was capped around the Â¥136.45 level. The British pound moved lower vis-Ã -vis the yen as sterling tested bids around the Â¥156.00 figure while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥88.00 figure. In Chinese news, the U.S. dollar gained ground vis-Ã -vis the Chinese yuan as the greenback closed at CNY 6.8314 in the over-the-counter market, up from CNY 6.8306.
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