The Japanese Yen rose versus all 16 major currencies on speculation foreign investors will buy Japanese equities. The Yen rose to the highest level in more than a week against the U.S Dollar on speculation foreign investors will buy into a share sale by Nomura Holdings Inc., Japan's biggest brokerage.
Traders said the JPY gained as market players tried to trigger stop-loss levels in major Yen pairs and as some Japanese retail investors were forced to sell currencies against the Yen. But further buying faltered as traders were wary of pushing the Dollar/Yen pair below 88 Yen, where large stop-loss sales lurked.
A strong Yen has raised worries for Japanese exporters and the economy because it makes their products more expensive for foreign buyers while cutting into profits generated overseas. Earlier, Japanese investors and exporters were heavy sellers of the Dollar/Yen cross following the report.