FXstreet.com (Barcelona) - The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥98.70 level and was supported around the ¥97.30 level.

GCI Financial Team said: There is increasing speculation that Japan is covertly orchestrating a weaker yen to counter its deepening economic recession.

Data released in Japan today saw sales conditions at Japanese small and mid-size firms at their lowest levels since 1984 with the February index at -44.6, down from -37.4 in January.

U.S. dollar offers are cited around the ¥104.15 level.