The JPY traded near a two week high versus the EUR after the biggest drop in global equities this month prompted investors to turn to the safety of the Japanese and U.S. currencies. The Yen traded at 132.80 per EUR early this morning, after climbing yesterday to 131.76, the strongest level since Nov. 3. Japan's currency was at 88.98 against the USD, following a 0.4% gain.

Concerns about the global economy tend to favor the safe-haven Dollar and the Yen, and decrease demand for assets correlated with economic growth such as stocks and currencies from commodity-rich countries. Today the Bank of Japan will conclude its two-day policy meeting, and is widely expected to leave its overnight call rate target at 0.1%.