The yen rose on Thursday after a sign that the U.S. economy is still facing more trouble from the subprime mortgage market crisis as financial firms continued to report high exposure and losses.

Early in the day, the world's biggest bond insurer, MBIA, reported that it had $30.6 billion in exposure to complex debt securities tied to subprime mortgages known as collateral debt obligations (CDOs).

Investment bank Bear Stearns reported its first every quarterly loss of more than $800 million due in part to write downs on mortgage assets.

The yen rose to 161.90 euros from 163.13 yesterday at 3:55 p.m. in New York. It rose to 113.04 per dollar from 113.43. Meanwhile the dollar rose to $1.4321 per euro after going as high as $1.4311. The British pound fell to 224.13 per yen from 226.61. The pound sterling was down to $1.9830 against the dollar from $1.9978.

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