The Japanese Yen advanced against all 16 major currencies on Thursday after a U.S. government report showed employers cut more jobs last month than economists forecast. This prompted investors to sell higher- yielding assets. The Yen rose for a second day against the EUR as Asian stocks fell on concern that the global recession will be prolonged, spurring demand for the safe-haven JPY.

The Yen advanced to 134.21 per EUR from 136.33 yesterday in New York. Against the Dollar the Japanese Yen rose to 95.95 Yen from 96.60 Yen. The Japanese currency typically strengthens in times of financial turmoil, as Japan's trade surplus makes the currency attractive due to the nation not having to rely on overseas lenders. Additionally, the Dollar is bought as it is the world's main reserve currency.