The yen slumped Wednesday against the greenback and the euro -- which posted 10-month highs against the Japanese currency -- as Japan lagged behind the US and Europe in discussing rate hikes.
The euro was trading at 116.49 yen in early Asian trade compared with 115.23 yen in late New York Tuesday, and the greenback bought 82.76 yen from 82.48.
The euro "rose to its highest level against the yen since May (2010)," Singapore-based Phillip Futures said in a report.
The euro and dollar were forging ahead against the yen as European and US central banks talked of hiking their interest rates, said Philip Wee, senior currency economist for DBS Group Research in Singapore.
"Basically it's a reflection of the sequencing of the G7 (Group of Seven) central banks' rate hikes. Right now the ECB (European Central Bank) is the one that is ahead, and then Fed, I think there's a debate going on," he told AFP.
"Right now, in terms of the advanced economies, Japan is basically way behind in terms of the hikes."
ECB president Jean-Claude Trichet hinted at the beginning of March that the central bank would raise interest rates at its April meeting.
St. Louis Federal Reserve President James Bullard, speaking in Prague on Tuesday, also said the US could not keep its very loose monetary policy.
The European currency fell against the greenback, buying $1.4076 from $1.4110 a day ago.