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According to some analysts, traders have been snapping up the yen for some time in readiness for a meeting of the G7 leaders and a long weekend in the US, reports Reuters.
Sharada Selvanathan, currency strategist at BNP Paribas in Hong Kong, commented: "Equity markets have been relatively stable, we haven't seen significant breaks on the downside irrespective of the fact that markets are not too thrilled with all the bailout plans."
The passing of US president Barack Obama's economic stimulus package was overshadowed by yet another resignation by one of his cabinet appointees.
Republican Judd Gregg, Obama's second choice for commerce secretary following the withdrawal of New Mexico governor Bill Richardson, withdrew his nomination citing "irresolvable conflicts" over policy.
