Yen Gains on Dollar, Euro in Flight From Risk.

The article reports on foreign exchange rate movements for the January 12, 2009 currency trading day. As U.S., Asian and European equity values declined, the Japanese currency reached highs versus the euro and U.S. dollar. In New York, the U.S. dollar declined to 89.09 yen and the euro similarly fell in value to 118.66 yen. The article says that Japanese authorities may take action to slow the yen's appreciation as a too strong yen affects the competitiveness of Japanese exports which contribute significantly to the Japanese economy.