The Japanese yen rose against the EUR and U.S dollar before a government report that economists say will show U.K. industrial production grew in July at a slower pace, boosting demand for Japan's currency as a refuge. The Yen also strengthened after the Ministry of Finance said Japan's current-account surplus fell to 1.27 trillion yen ($13.7 billion) in July from a year earlier.

The Yen has already risen above levels expected by major manufacturers for the current fiscal year, and is showing signs of strengthening again. If the U.S dollar falls below 92 yen the impact may be big and such concerns are weighing on stocks, analysts said.