Japanese Yen Rises on Concerns for Economic Recovery

The Japanese yen extended its gains against the euro and the U.S. dollar today as the concerns that the economic recovery in the U.S. and Europe may slow fueled the demand for the safety.
The Stoxx Europe 600 Index of European shares dropped 1 percent. The Federal Open Market Committee said in its statement:

Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad. The pace of economic recovery is likely to be moderate for a time.

USD/JPY traded near 89.26 as of 11:42 GMT today after it opened at 89.80. EUR/JPY traded at about 109.56 down from its opening level of 110.54.

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