The yen rose against the dollar and the euro after Standard & Poor's cut Japan's credit rating by only one notch rather than the harsher downgrade that had been considered.

The dollar weakened to 123.47 yen from 123.96 Tuesday. The euro dropped to 109.07 yen from 109.48 previously. The dollar fell to 88.57 cents per euro from 88.34 in the prior session.

Britain's pound rose to $1.4211 from $1.4154.