The Japanese yen has continued to gain strength amid global financial jitters triggered by the U.S. subprime mortgage crisis, which have also affected stock markets around the world.

The Japanese currency rose to just over 112 yen to the dollar Thursday on the New York currency market, although shares opened weak on Wall Street.

The U.S. subprime mortgage troubles have pushed up the Japanese currency's value by ten yen.

It is the first time the Japanese currency has climbed to the 112 yen level since early June 2006.

As of five p.m. Thursday, the yen was trading at 113 yen per greenback, up more than two yen from the previous day.

It has also firmed up against the European currency, rising to just over 150 yen per euro. That's the highest level for the yen since November third last year.

Analysts attribute the strong yen to global investors’ move toward liquidation in the yen carry trade, as investors who had counted on a relatively cheap yen to finance higher-yielding investments in other currencies are seeing their gains diminish.

[Photo : ]