The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥94.70 level and was supported around the ¥93.65 level. The yen traded at its highest level since 24 August 2009 before coming off today and the pair has gained more than ¥6 in about a month. Bank of Japan's Policy Board convenes this week and it is expected to release its policy decision early Wednesday. The central bank may elect to expand its expansionary policies to further combat deflationary pressures that remain severe. Alternatively, BoJ's 30 April Policy Board meeting will include its semi-annual economic projections and could be the meeting when Policy Board members adjust policy further following last month's additional easing steps. Data to be released in Japan overnight include the February leading and coincident indices followed by March official reserve assets on Wednesday. As expected, last week's Bank of Japan's Q1 Tankan survey of corporate sentiment improved q/q with the large manufacturers' index up to -14 from -24 in Q4 and the non-manufacturer's index higher at -14 from -22. Also, the large manufacturers' outlook improved to -8 from -21 in Q4 and Q1 all-industry capital expenditures improved to -0.4% from -10.8%. The Nikkei 225 stock index climbed 0.47% to close at ¥11,339.30. U.S. dollar offers are cited around the ¥96.85 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥127.10 level and was capped around the ¥127.90 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥144.85 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥88.70 level. In Chinese news, the U.S. dollar was unchanged vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8257 in the over-the-counter market. The big news involving China is that the Obama administration is delaying the release of a report due 15 April that could have potentially labeled China a currency manipulator. The move to delay the release of the report could signal negotiations are ongoing between the two countries or could signal China may let the yuan appreciate further in the coming days. Chinese leadership will visit Washington, D.C. on 12-13 April. Data to be released in China this week include the Q1 Entrepreneur Climate Index on Wednesday.