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Yesterday (September 27th), the euro fell 0.1 per cent against the dollar to $1.3572 and 0.5 per cent against the yen to 103.88 yen.
Tsutomu Soma, senior manager at Okasan Securities' foreign securities department in Tokyo, told Reuters: "There seems to be a fear among market players that it (euro/yen) will head lower, and so they are eager to sell into any bounce."
According to the news provider, yen-buying flows ahead of the end of the quarter contributed to the gains made by the Japanese currency.
Another trader for a bank in Japan added that it is currently too risky to trade in the euro as it is as yet uncertain what policymakers in the region will decide to do over the debt crisis.
This comes after US president Barack Obama stated at a town hall event hosted by LinkedIn that Europe has never "fully healed" from the financial crisis in 2007.
Posted by Chris Weaver
