The Japanese yen rose against the euro and fluctuated versus the dollar as concerns about the US debt added to uncertainty caused by the European crisis.

Rumors say the US Congress may announce that its members failed to reach agreement about spending cuts needed to reduce the budget deficit. Spain was yet another European country to lose government as the ruling Socialist Party lost election on the weekend. The Standard & Poor’s 500 Index fell 1.5 percent, while the Stoxx Europe 600 Index dropped 2.1 percent, declining for the third day.

USD/JPY traded near its opening rate of 76.85 as of 12:31 GMT today after rising to the high of 76.94 and falling to the low of 76.75. EUR/JPY was down from 103.84 to 103.38.

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