The Japanese yen retreated earlier against most of its major counterparts after Japan's Finance Minister Hirohisa Fujii issued a warning that his nation is open to intervening in the currency market. The Yen traded at 131.14 per EUR, following a 0.2% decline. Japan's currency was 89.53 per USD, after appreciating 0.3%.

Fujii's position changed since his initial remarks when he took office in September. He previously opposed intervention in the foreign exchange markets in order to artificially weaken the Yen. However, the currency's appreciation last week to an eight-month high of 88.24 against the Dollar began threatening exporters' profits and thus Japan's economic recovery. Since Japan is highly dependent on exports, a strong currency makes its exports too expensive and erodes any profit from an increase in trade.

With a light news day today with no news releases from Japan, U.S or Euro-Zone, Yen's levels will likely be determined by equity movements as well as investors' risk appetite.