The Japanese yen rose against the EUR for the first time in 3 days as concerns about debt-stricken Greece boosted demand for Japan's currency as a refuge. The Yen rose to 124.90 per EUR from 125.24 in New York yesterday.

Japan's currency was near a 1 week low against the U.S dollar after stocks rose and before reports forecasting a recovery in the U.S. housing market, one of the main causes of the financial crisis. Japan's currency traded at 93.11 per Dollar from 93.22. Yesterday it touched 93.39, the weakest since April 15.

The Yen may weaken further against higher yielding currencies including the Australian dollar as optimism that the global economic recovery remains on track dented demand for the relative safety of the Japanese currency.