The yen fell against the euro for a second consecutive day this morning (July 14th), with forex traders drawn to higher yielding assets as the Japanese equities market strengthens.Bloomberg reports that the attention has turned to emerging market currencies this morning as US stocks also rally, with South Korea's won rising the most in two months against the dollar.Meanwhile, a raft of positive reports and commentary has helped to restore faith in equities markets and the wider economy.Yousuke Hosokawa, a senior currency dealer in Tokyo at Chuo Mitsui Trust & Banking, commented: "If we look at the trend of the economy and profits, it is evident that we have already gone through the worst of the recession."He added: "When the underlying risk appetite is improving, there is little reason to buy the yen."Although the yen was down against both the euro and the dollar, it had made ground against the pound at 03:07 Eastern Time.