The yen was one of the biggest winners in the beginning of this Thursday’s session in Asia, as risk aversion surging from Europe is attracting investors to the safety profile of the Japanese currency.

Speculations that Japanese exporters are repatriating capital before this month’s end combined with a Standard and Poor’s statement suggest that Greece may encounter new credit downgrades allowed the yen to beat all of the 16 main traded currencies in foreign exchange markets this Thursday morning.

GBP/JPY traded at 137.47 as of 5:07 GMT from a previous rate of 139.51 yesterday.

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