The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥105.35 level and was supported around the ¥104.60 level.  The pair reached its highest level since 14 May as traders refocused their attention on inflationary pressures in the U.S., growing confident that the U.S. will avert a technical recession. As expected, the Japanese government formally nominated Keio University economic professor Kazuhito Ikeo to become a member of Bank of Japan’s Policy Board. There are currently two vacancies on the Policy Board, including a deputy governorship for which Ikeo may have been nominated.  The issue remains politically contentious, much as the March appointment of now-Governor Shirakawa. Policy Board member Kamezaki today said “As for future monetary policy, we must collect and analyze as much information as possible, including (data from) overseas economies such as in the U.S. and Europe, the global financial market, and moves in energy and (raw) material prices. It is necessary to examine situations without preconceptions, while foreseeing possible (economic) paths.” Data released in Japan overnight saw April retail sales rise 0.1% y/y to ¥11.19 trillion.  The Nikkei 225 stock index climbed 3.03% to close at ¥14,124.47. Dollar bids are cited around the ¥103.00/ 101.35 levels.  The euro came off vis-à-vis the yen as the crosses tested bids around the ¥163.30 level and was capped around the ¥164.20 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥208.30 level while the Swiss franc lost ground vis-à-vis the yen and tested bids around the ¥100.35 level.  The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.9318 in the over-the-counter market, down from CNY 6.9444.