The Japanese yen reversed its Thursday's early Asian session's 2-day low against the European currency and the Swiss franc. On the other hand, the yen showed weakness against the US dollar and the British pound.

In Tokyo, the benchmark Nikkei 225 Index recovered from its early losses and is presently trading at 8,523, up 43.10 points or 0.51%, and the broader Topix Index of all First Section Issues is gaining 1.29 points at 820.

Corporate service prices in Japan were down 2.6 percent on year in February, the Bank of Japan said today, posting an index score of 92.1. On a monthly basis, corporate service process inched higher by 0.2 percent.

Against the US dollar, the Japanese yen showed weakness during early deals on Thursday. At 8:15 pm ET, the yen slipped to 97.94 against the dollar, compared to 97.56 hit late New York Wednesday. The yen is currently trading at 97.79 against the greenback with 99.1 seen as the next target level.

The Japanese yen gained ground after hitting a 2-day low of 133.12 against the European currency during Thursday's early Asian deals. At 11:20 pm ET, the yen climbed to 132.37 against the euro, compared to 132.52 hit late New York Wednesday. The next upside target level for the Japanese currency is seen around 128.5.

Against the British pound, the Japanese currency edged down during Thursday's early deals. At 8:30 pm ET, the yen touched a low of 143.02 against the pound, compared to Wednesday's closing value of 142.00. If the Japanese yen falls further, 147.9 is seen as the next target level. The pound-yen pair is now worth 142.71.

The Japanese yen that closed Wednesday's New York deals at 87.03 against the Swiss franc dropped to a 2-day low of 87.42 during Thursday's early Asian trading. Thereafter, the yen reversed its direction and hit a high of 86.88 at 11:20 pm ET. On the upside, 85.6 is seen as the next target level for the yen. The franc-yen pair is now worth 87.13.

Investors are now likely to focus on the European session, in which the German GfK Consumer confidence survey results for April, French consumer confidence indicator for March, Italian business confidence for March and trade balance report for February as well as the euro-zone's seasonally adjusted M3 money supply for February are slated for release.

Across the Atlantic, Atlanta Federal Reserve Bank Dennis Lockhart is scheduled to make remarks on panel on Food, Water, Inflation and Monetary Policy at the Global Interdependence Center's Conference at 5 AM ET.

The Bureau of Economic Analysis is due to release its final fourth quarter GDP report at 8:30 AM ET. The report is likely to show that the U.S. economy contracted by a 6.6% rate in the quarter.

The Labor Department is due to release its customary weekly jobless claims report for the week ended March 21st at 8:30 AM ET on the same day.

Treasury Secretary Timothy Geithner is scheduled to testify on financial regulation reform before House Financial Services Committee in Washington at 10 AM ET.

Dallas Federal Reserve Bank President Richard Fisher is due to speak to students as part of the ninth annual Redefining Investment Strategy Education Forum at the University of Dayton at 12 PM ET.

Richmond Federal Reserve Bank President Jeffrey Lacker is scheduled to be the keynote speaker for the 2009 Economic Outlook Conference and luncheon of the Charleston Metro Chamber of Commerce, in Charleston, South Carolina at 12:40 PM ET, while Minneapolis Federal Reserve Bank President Gary Stern would speak at a luncheon of the Economic Club of Minnesota in Minneapolis on Better Late Than Never: Addressing Too-Big-To-Fail at 1 PM ET.

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