The Japanese yen rose against all 16 of its major counterparts as signs that Japan's largest banks are facing pressure to raise funds spurred investors to bring back earnings on assets abroad. Japan's currency strengthened as Asian stocks slipped.

The JPY strengthened against the EUR on speculation European banks will disclose more credit losses, boosting demand for the relative safety of the Japanese. The Yen climbed to 133.10 per EUR from 133.64 yesterday. It advanced to 148.90 per Pound from 149.58, after earlier rising to 148.78, the highest level since Nov. 12.