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The Japanese currency rose to €127.81 against the euro at 07:17 BST, up from €128.43 in New York last week, Bloomberg reports.
A climb was also recorded by the dollar, which climbedfrom $1.3495 to $1.3462 against its European counterpart.
However, the pound declined for the second consecutive day against the dollar, falling to $1.5165.
Head of foreign exchange strategy for Japan at the Scotland Group in Tokyo Masafumi Yamamoto told the news source that the market "is becoming more vulnerable".
"The sharp fall in equities is causing a sell off [in high-yield currencies]," he explained, adding that risk aversion is taking place "across the board".
Earlier today, the Nikkei 225 ended down 2.44 per cent in Japan, falling 226.33 points to 9,038.69 at the close of trading.
