The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥91.75 level and was capped around the ¥92.35 level. Bank of Japan Policy Board member Kamezaki dovishly reported The central bank will implement policy proactively if necessary, and last week's monetary easing was based on such a stance, adding the BoJ will maintain an extremely accommodative policy. Many dealers believe the government will continue to pressure the central bank into easing policy further to counter significant deflationary pressures. Such moves are basically intended to boost consumer and investor sentiment and do not have an appreciable impact on the provision of liquidity. Data released in Japan overnight saw the February corporate service price index decline 1.3% y/y. The Nikkei 225 stock index climbed 0.13% to close at ¥10,828.85. U.S. dollar offers are cited around the ¥94.75 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥123.20 level and was supported around the ¥122.25 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥138.00 figure while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥86.25 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8271 in the over-the-counter market, up from CNY 6.8267. People's Bank of China Deputy Governor Zhu Min reported interest rates are a heavy-duty weapon, adding there are other tools the central bank can use to manage liquidity. Zhu also added China will wait to confirm economic growth is steady before raising rates. Additionally, Zhu reported the yuan's real exchange rate has actually appreciated.