The yen gained versus virtually all currencies as speculations indicate that further climbs for the Japanese currency will be accepted by the nation’s central bankers, setting the currency to the highest level in 14 years versus the greenback.

The yen had extremely sharp gains today versus the euro, dollar and most of high-yielding currencies after Japanese Prime Minister Yukio Hatoyama affirmed that the current appreciation of the national currency is due a decline in dollar rates, signaling that for the moment, at least, interventions are ruled out, adding confidence among traders to purchase more yen-priced assets, as speculations suggest that the yen has room to advance further, specially versus the greenback. The Swiss franc was one of the biggest losers versus the Japanese yen as the Swiss National Bank sold the nation’s currency after it touched parity with the greenback, causing a massive decline versus the yen.

The psychological level of 85 yens per dollar is likely to be tested in the short-term future, according to analysts. Even if the Bank of Japan remains silent regarding its currency appreciation, if the rally remains strong and for a longer period, it is likely that the Asian nation’s central bank will change its tone regarding the yen’s levels.

USD/JPY traded at 86.59 as of 13:59 GMT from a previous rate of 87.72 in the intraday. CHF/JPY traded at 86.39 from 87.62.

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