"As interest rates look set to be slashed around the developed world and risk-appetite slumps further, carry trades – largely involving the Japanese yen – are being unwound. Money is pouring back into Japan, raising the value of its currency. The speed at which the steamroller approached surprised many. Not everyone will manage to scramble out of the way in time. "
http://www.ft.com/cms/s/0/e63a2b3e-a45b-11dd-8104-000077b07658.html
Milestones in the Yen's History
http://www.guardian.co.uk/business/feedarticle/7932234
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