Yen Gains as Europe Still Troubles Forex Speculators

The Japanese yen gained today as worries about the European sovereign debt crisis still plague the Forex market, while Asian stocks fell, boosting demand for safer assets.
Europe comes to the year-end without any of its problem resolved, leaving traders in sour mood and fearful of the futures. Analysts predict that tomorrow’s report will show that Italian business confidence dropped to the lowest level in almost two years. The MSCI Asia Pacific Index of shares declined 0.6 percent today.
USD/JPY declined from 77.87 to 77.70, falling for the fourth session, and EUR/JPY went lower from 101.78 to 101.58 as of 10:58 GMT today.

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