The JPY gained against major counterparts on speculation the global economic recovery will slow, reducing demand for high yielding assets. The Yen rose to 135.55 per EUR in today's early trading, from 135.89 yesterday, after earlier reaching 135.43, the highest level since Oct. 21. The JPY traded at 91.50 per USD, up from 91.80 Tuesday.

The Yen traded near a one week high against the EUR ahead of reports due today and tomorrow that are forecasted to show German consumer prices and unemployment worsened, reiterating the notion that the European Central Bank (ECB) will keep interest rates low.

Japan's retail sales fell for a 13th month in September. Sales slid 1.4% from a year earlier. The continuous poor data reinforces the idea that recovery will be slow.