The Japanese national currency has risen against major currencies in the markets today following a remark by Prime Minister Shinzo Abe in which he said that the need for setting up a fund to buy foreign bonds has declined in the Japanese economy.

The Japanese Yen was trading at 93.27 against the US dollar this afternoon in Tokyo compared to 93.42 recorded before the Prime Minister made the remark in the country's parliament. The Japanese Yen was recorded at 93.45 against the American currency in New York. The Japanese currency was trading at 125.12 against the Euro compared to 125.17 earlier against the European common currency.

The Japanese Yen had touched a high of 93.73 against the dollar and 125.87 against the Euro earlier in the day after some media reports suggested that Toshiro Muto will not be considered for the post of head of the Bank of Japan governor. An adviser to Prime Minister Shinzo Abe has indicated Toshiro Muto, who is a former deputy governor, would be a good candidate for the top post at the BOJ. BOJ Governor Masaaki Shirakawa is set to retire after his term in April this year.

Meanwhile, the Japan's trade deficit for January rose to ¥1.63 trillion from ¥641 billion in December, according to the latest data released by the government.