The yen has continued to slip to almost a record low against the European currency after a meeting of the Bank of Japan failed to signal changes in the interest rates.

Earlier this morning, the yen reached 163.57 against the euro, up from its earlier low of 163.93. Against the dollar, the currency traded at 121.48.

Greg Gibbs, a currency strategist at ABN Amro Holding NV, told Bloomberg: "The yen is in a weakening trend, reflecting the fact that yields are low."

With regard to the Bank of Japan meeting, he added: "The minutes will perpetuate the current trend."

Over the past year, the yen has fallen by five per cent against the dollar, Clerical and Medical states.

However, over the past five years, the Japanese currency has seen some appreciation against the dollar, as has the euro and the pound sterling.

Meanwhile, analysts have forecast that the US currency will strengthen on the back of forthcoming reports of durable goods orders, which are expected to show an increase for April.