The Japanese yen climbed against the U.S dollar amid speculation Japanese companies were buying the currency. The yen strengthened to 88.48 versus the U.S. currency, the highest level since Dec. 14, from 88.85 yesterday.

The Japanese currency rose to its highest in more than 2 months against the greenback on Wednesday as investors cut long positions versus other currencies. Investors fret about a stronger yen because it eats into exporter profits when repatriated.