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It advanced against 14 of its 16 counterparts, moving up 0.2 per cent to 101.64 per euro, Bloomberg reports.
The Japanese currency also gained 0.1 per cent on the dollar, putting it at 77.80. These figures mean the yen has risen 4.3 per cent against the dollar and 6.8 per cent against the euro over the course of 2011.
Lee Wai Tuck, a strategist at Forecast in Singapore, told the news provider the market was nervous about the upcoming Italian debt auction and the cost of the yields which will be demanded. "The yen will be seen as a safe haven," he explained.
An increased appetite for risk before the Christmas break saw the euro rise by 0.2 per cent to reach a peak of 83.45 pence against sterling, but recent debt news has changed the market sentiment.
Posted by Greg Secker
