The yen rose amid speculation traders were locking in profits after Prime Minister Shinzo Abes victory in elections he called to win a fresh mandate for policies that have driven Japans currency to a seven-year low.

Australias dollar was near the weakest since June 2010 after Treasurer Joe Hockey said yesterday the budget deficit is deepening because of the biggest slump in the nations terms of trade since records began more than 50 years ago. Norways krone was near an 11-year low after crude sank below $58 a barrel for the first time since 2009.

The yen rose 0.4 percent to 118.29 per dollar as of 8 a.m. in Tokyo. The dollar was little changed at $1.2471 per euro, after sliding 1.4 percent in the five days to Dec. 12. The 18-nation currency was down 0.2 percent at 147.71 yen.

The Aussie traded at 82.52 U.S. cents, after touching a four-year low of 82.15 reached on Dec. 11.

Bloombergs gauge of the dollar declined 0.6 percent last week in New York, the first weekly drop since Oct. 17. The measure, which closed Dec. 5 at a five-year high of 1,122.34, has gained this year amid speculation the Fed is moving toward raising interest rates as the worlds biggest economy improves.

Source : Bloomberg