The Japanese yen rose today against the U.S. dollar and the euro as the speculation that the global recovery is faltering increased the demand for the safety, boosting the Japanese currency.

The pessimism about the European economy remains and now the confidence in the U.S. economy expected to worsen too. The yen tend to rise amid the economic instability as it’s less reliant on the foreign funds because of its trade surplus.

USD/JPY traded at 88.75 as of 10:40 GMT after opening at 89.37 EUR/JPY traded near 108.22 down from the opening level of 109.71.

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