Yen Strengthens of European Concerns

The Japanese yen strengthened today as the traders worry about the impact of the sovereign-debt crisis in Europe, increasing the appeal of the safer currencies.
The investors are concerned about the U.K. economy after Fitch Ratings said that the formidable challenges lay ahead for the Britain’s economic recovery. The European Union problems also boost the risk aversion sentiment, as the efforts of the European leaders to stem the spread of the fiscal crisis haven’t convinced the traders, driving them to seek the perceived safety of the currencies like the yen.
USD/JPY traded near 91.43 as of 11:02 GMT today, down from its opening price of 91.46. EUR/JPY fluctuated and traded at 109.50 after opening at 109.48.

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