The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥113.95 level and was capped around the Â¥114.30 level. Minutes from Bank of Japanâ€™s November Policy Board meeting were released today in which policymakers agreed to gradually raise interest rates in line with economic growth and the outlook for consumer prices. Policymakers voted 8-to-1 at the November meeting to keep rates unchanged, a vote that was 9-to-0 at the December meeting. This suggests there will be some impetus to keep the overnight call rate unchanged at 0.50% for quite some time. The Nikkei 225 stock index gained 0.65% to close at Â¥15,653.54. 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¥165.45 level and was supported around the Â¥164.50 level. The British pound and Swiss franc appreciated vis-Ã -vis the yen as the crosses tested offers around the Â¥226.45 and Â¥99.25 levels, respectively. In Chinese news, the yuan depreciated sharply vis-Ã -vis the U.S. dollar today as the greenback closed at CNY 7.3444 in the over-the-counter market, up from CNY 7.3297.
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