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Both slipped early on, with the Japanese currency being priced at 134.19 against the euro at 08:40 BST in London, Bloomberg reports.
This was weaker than the 132.85 yen per euro value recorded in New York last week and the US currency also fell against its European counterpart, sliding to $1.4189 per euro.
David Woo of London's Barclays capital told the news source that the announcement that US lender CIT Group is to receive a $3 billion (£1.8 billion) bailout fund "has led to a rally in risk".
Philipp Nimmermann of BHF-Bank AG added that the deal "obviously helped all risky assets, pushing up stock markets and risky currencies."
CIT, which mainly lends to small and medium-sized businesses, is at risk of bankruptcy after making losses since 2007.
It was previously given a loan of £2.33 billion in December.
