The Yen fell against higher-yielding currencies on prospects that Japanese investment trusts will send funds overseas this week. The JPY fell against 15 of its 16 most-traded counterparts on a speculation that Japanese investors may be preparing to buy overseas assets. The Yen fell to 124.21 per EUR from 123.92 yesterday. Against the U.S. Dollar, the Japanese currency weakened to 91.26 to from 91.14.
Finance companies are seeking to raise at least 3.8 trillion yen ($41.7 billion) for so-called Toshin mutual funds focused on higher-yielding securities this week, according to analysts. There is a concern among investors that a lot of these mutual funds are being set up this week, and it's a factor for the Yen to be sold, they said.