The Japanese Yen weakened to as much as 111.98 per EUR today from 110.37 after rising to 108.84 yesterday. Against the U.S Dollar, the Japanese currency depreciated to as much as 90.49 from 89.78. A weaker Yen increases the value of overseas sales at Japanese companies when repatriated.

Meanwhile against the Australian Dollar the JPY was up 0.6% at 73.87 as hedge funds and investors took profits on the higher-yielding currency's rally this year. Analysts said the slide in the Aussie against the Yen is expected to slow in the near term as there are a number of bids waiting below 73 Yen.