The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥93.00 figure and was supported around the ¥92.10 level. Finance minister Kan reported he has no plans to change the public finance law to allow Bank of Japan to directly purchase more Japanese government bonds, adding the central bank's holdings are expanding very rapidly. Data released in Japan today saw February industrial production decline 0.9% m/m, a reversal from January's +2.7% climb and an end to eleven consecutive months of gains. Also, February household spending declined 0.5% and the February jobless rate remained at 4.9%, its lowest level since March 2009. Notably, however, industrial production was up 31.3% y/y and most economists believe the upward trajectory will continue. Dealers await the release of the BoJ Tankan survey of corporate sentiment on 6-7 April. Japan's fiscal year ends tomorrow and some dealers are speculating the yen will continue to weaken in Q2. Japanese and Chinese officials will convene a summit this weekend and the yuan's exchange rate is likely to be discussed. The Nikkei 225 stock index climbed 1.01% to close at ¥11,097.14. U.S. dollar offers are cited around the ¥94.75 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥124.15 level and was capped around the ¥125.45 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥140.55 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥87.50 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8257 in the over-the-counter market, down from CNY 6.8264. People's Bank of China official Xia Bin called for a further appreciation of the yuan.