Published by Jamie JemmesonThe yen continues to perform strongly on the foreign exchange market as the global economic recovery remains uncertain.Up against the euro, the yen reached its highest level in over six weeks and also gained against the US dollar as investors showed signs of caution over the US economy.The yen rose 0.3 per cent to a high of 109.89 yen per euro and also gained 0.2 per cent to equal 85.36 yen per dollar.Bloomberg reports that Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange Inc, is not surprised that the yen is performing well.Mr Esiner told the news provider: "Risk appetite remains under pressure as investors are growing increasingly nervous about the global economic outlook."Sterling also gained against the dollar following the publication of the Bank of England's Monetary Policy Committee August minutes, which revealed no change in the UK's quantitative easing policy.Analysis from Reuters suggests that it is increasingly unlikely that Japanese government intervention will be used to weaken the yen's strengthen.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.