What Japan’s crisis means for the yen

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The earthquake, tsunami and nuclear accidents in Japan over the past week have been a major shock by any measure. The tragic loss of life and the dangers linked to the nuclear accident will continue to affect people in Japan and beyond. It has also been a shock for financial markets and in particular for the yen. After some initial moderate strength, the yen finally broke through historic highs and rallied within a few minutes by about 4%. A large number of stop-losses and option-related yen

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