The Yen rose to a 9 month high versus the EUR as President Obama's proposal to restrict risk trading at financial institutions discouraged demand for higher yielding assets. The Japanese currency was set for a second straight weekly gain versus the EUR and advance to a 3 week high against the Dollar on declines in global equities and concerns over Chinese growth.

The Yen advanced to 126.89 per EUR from 127.37 in New York yesterday. The Japanese currency reached 126.56, the strongest level since April 28. It gained to 89.93 per dollar from 90.43 yesterday after reaching 89.87, the highest level since Dec. 18.