The yen depreciated vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥113.55 level and was supported around the Â¥112.70 level. The Japanese government kept its overall assessment of the Japanese economy unchanged today, upgrading its assessment of industrial output, capital investment, and housing construction and downgrading its assessment of business conditions and corporate profits. The overall assessment has been unchanged for thirteen consecutive months. Nikkei reported the government will project nominal economic growth above real economic growth for the year to March 2009, at 2.1% and 2.0% respectively. This is the first time the government sees real inflation-adjusted growth below nominal growth in eleven years, a further confirmation the economy continues to move away from deflation. Data released in Japan overnight saw November department store sales up 0.9%. The Nikkei 225 stock index lost 0.27% to close at Â¥15,207.86. Dollar bids are cited around the Â¥112.50/ Â¥111.75 levels. The euro gained ground vis-Ã -vis the yen as the single currency tested offers around the Â¥163.60 level and was supported around the Â¥162.40 level. The British pound and Swiss franc appreciated vis-Ã -vis the yen as the crosses tested offers around the Â¥229.05 and Â¥98.60 levels, respectively. The Chinese yuan appreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 7.3852 in the over-the-counter market, down from CNY 7.3873.
Join the Discussion