The Japanese currency (Yen) has increased against its major currencies, while it inclined sharply versus the American dollar on concern global economic growth is losing momentum because of the mounting European debt woes, prompted investors to shift their investment to safe haven.

The European financial crisis continues to escalate after the S&P downgraded the Italy's government bonds rating from A+ to A, increasing fears about the future of the recovery in the global economy.

On the other hand, the International Monetary Fund (IMF) urged today that the global economy will be in a severe phase if the European Leaders fail to control the financial crisis that threat the recovery cycle.

The USD/JPY pair dropped, which recorded the lowest level at 76.10 when opened at 76.38.