While there were no major Japanese news events on Wednesday, the Yen still managed to make gains as investors turned to risk aversion in their trading strategies. Uncertainties regarding the fate of the Euro caused safe haven currencies like the Yen to move up. Currently GBP/JPY is trading at around the 140.65 level, down from around 141.00 yesterday morning.

With no Japanese economic news events scheduled today, Yen levels will likely be determined by the results of the EU summit. If the summit manages to boost investor confidence in the Euro, the Yen will likely go down as a result. On the other hand, if investors are still uncomfortable with the Euro-zone economies, the Yen's safe-haven status could bring it some profits in trading today.