The yen rose across the board as investors reduced exposure to risk on concern tightening credit conditions and rising energy prices may impede economic growth. Besides, many in the market unloaded positions in risky assets before Thanksgiving. The currency gained as carry trades were unwound.

The dollar fell below 109 against the yen for the first time since June 2005. The sterling dipped to as low as 222.48 from 227.50 versus the yen, while the euro fell to 160.10 against the yen.

The dollar continued its weakness after the Fed minutes release yesterday. Also, the currency fell further as oil surged toward 100 dollars per barrel. The dollar reached an all-time low at 1.4855 versus the euro.

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