The Yen has gained against 16-nation region currency Euro for the second day. It is expected that European leaders will consider on new financial regulations at the summit to be held today. Baht, the currency of Thailand, also decreased because of the expectations that exports will dip.
Europe's debt crises will hurt the economic recovery of these regions.
"The EU heads may call for more rules, which may weigh on growth", said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. These speculations have raised the Yen and the U. S. Dollar. Dollar has always been a secured home for investors.
The Yen has jumped to 111.91 per Euro in Tokyo. The Dollar climbed to $1.2268 per Euro from $ 1.2311.
Australia's Dollar went down by 0.8% to 78.37 Yen. Meanwhile, New Zealand's Dollar slid by 0.5% to 63.50 Yen. MSCI Asia Pacific Index of Regional Shares decreased by
The Euro has gone down as compared to its other 10 counterparts.
Robert Zoellick, the World Bank President, has said that Europe will have to deal with more challenges in future.
Today's summit is being organized in Brussels. The leaders will discuss the economy, stability and growth of the region.