Asian session: The yen gained

23:30 Australia Westpac Consumer Confidence February +0.6% +7.7%

23:50 Japan Tertiary Industry Index December -0.3% +0.8% +1.4%

00:00 China Bank holiday

The yen gained against all of its major peers before a Group of 20 meeting at which officials are expected to debate the currency’s recent declines. The G-7 finance ministers and central-bank governors released a statement yesterday that appeared to signal acceptance for a weaker yen, so long as Japanese Prime Minister Shinzo Abe’s government doesn’t actively pursue devaluation. This position was then challenged when an unidentified official from a G-7 nation issued a clarification saying that the group was concerned about excessive moves in the yen and Japan’s practice of giving guidance on its value. Japanese Vice Finance Minister Takehiko Nakao declined to comment today on the official’s remarks. Finance ministers and central bankers from the G-20, which includes the G-7 and emerging markets such as Brazil, China and India, meet in Moscow on Feb. 15-16.

The Bank of Japan starts a two-day meeting today, and the euro held gains amid optimism Europe can cope with its debt crisis. The BOJ will announce its monetary policy decision tomorrow. Governor Masaaki Shirakawa said last week he will step down with two of his deputies on March 19, about three weeks before his term is due to end.

Australia’s dollar climbed after consumer confidence jumped by the most since 2011. The sentiment index for February jumped 7.7 percent to 108.3, a Westpac Banking Corp. and Melbourne Institute survey taken Feb. 4-8 of 1,200 adults showed today in Sydney.

EUR / USD: during the Asian session, the pair traded in the range of $1.3435-60.

GBP / USD: during the Asian session, the pair rose to $1.5870.

USD / JPY: during the Asian session the pair fell to Y92.80.

There is a full calendar Wednesday, with data and events expected on both sides of the Atlantic. The calendar gets underway at 0700GMT, with the release of the German January wholesales prices data. Following Tuesday's