The Yen rallied Wednesday as negative sentiment pushed down equities, commodities and higher yielding currencies, with investors turning to the safe heaven status of the Japanese currency. The Yen was up 2.1% against the EUR and 0.9% against the USD.

The NZD advanced Wednesday after central bank Governor Alan Bollard hinted he may soon start to raise interest rates from a record low. New Zealand's currency was also boosted after the release of employment data which showed the unemployment rate declined last quarter.

Today may prove to be a volatile trading day for the Yen with possible further gains versus the EUR as Japanese markets return to trading after a 3 day hiatus and as negative market sentiment persists.