The Japanese yen gained against its American counterpart yesterday reaching the highest level in eight months on speculation that the Japanese government won't try to stop the increase in the yen's value, noteworthy that the yen also gained against the 16 major currencies.

However, Hirohisa Fujii Japan's Finance Minister said last week that he is not supporting a weak yen that indicated that the government won't try to stop the yen's rally. On the other hand, large manufacturers in Japan expected the yen to average 94.85 per dollar in the 12 months ending March 2010. The drop in Asian stocks helped the yen to gain as MSCI's Asian Pacific Index of shares declined 1.6% and Nikkei 225 stock average slipped 2.4%.