The Yen rose today on a positive note against all major currencies, including the Euro, Pound and the Swiss Franc, not to mention the US Dollar, against which it rose to about 92 in morning trade, as forex traders cut their holdings in the Dollar. The Japanese currency rose against nearly every major currency as Sumitomo Mitsui Financial Group is expected to raise nearly ¥800 billion. On the other hand, expectations that the Fed may increase its overnight lending rate didn’t help the dollar much as it slid against the Yen.

Some traders even suggest that the slump seen in the Yen during the month of December was way too much, and its current direction is indicative of an expected correction. However, the dollar’s slide may be short-lived if the Friday release of US employment data provides some positive impetus as expected.

Against the Euro, the Yen was up to 132.68, up from 133.79 seen in early December. The Yen closed yesterday at 133.34 only yesterday in New York trade.