The euro is continuing to strengthen against the yen following the Group of Seven (G7) meeting on Friday.

This morning, the European currency traded at 161.76 yen, slightly weaker than the record level of 162.43 yen it reached at the end of last week, Bloomberg reported.

And it is believed that the 13-nation European currency will continue to climb.

Currency expert Masanobu Ishikawa told Bloomberg that officials from the industrial nations that form the G7 approve of the present currency situation, which sees the euro perform strongly against both the yen and dollar. 

"There's only upside for the euro from here," Mr Ishikawa told the news agency, adding that the euro could reach a level of 163 yen and $1.37 over the next few days.

The dollar is expected to be affected this week by two US reports out this week.

Today the commerce department will release retail sales figures for last month, while the US labour department is set to publish its consumer prices index for March tomorrow.

Economists have warned about a slowdown in the US economy and that this could impact negatively on the dollar's performance.