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At 09:23 BST today (September 12th), the European single currency fell 1.5 per cent against the yen to 104.43, the lowest level seen since June 2001.
It also suffered against the greenback, falling to $1.34949 earlier today, which marked a seven-month low.
Part of the dip against the Japanese currency might be attributed to fact that forex traders have been looking to exit the eurozone following the announcement by the Swiss National Bank that it had imposed a ceiling on the franc's exchange rate, senior currency strategist at Rabobank Jane Foley told Reuters.
Greece's continuing financial problems were also cited as a major contributing factor in the decline of the euro.
Jacques Cailloux, chief European economist at Royal Bank of Scotland Group in London, told Bloomberg: "It feels like Germany is preparing itself for a debt default. Fatigue is setting in.
"Germany could be a first mover or other countries could be preparing too."
Last week, the euro dipped to its lowest level against the dollar since May, yet Simon Derrick, chief currency strategist at Bank of New York Mellon in London, asserted that it could be set to decline further in the coming months, Bloomberg reported.
Posted by Greg Secker
