Yen Gains as Traders Seek Safe Investment Options

The Japanese yen rallied today, rising against all of its major peers, as the risk-negative market sentiment spurred traders to seek safer assets. The currency demonstrated the biggest gain in two weeks versus the US dollar.
The market sentiment has already been averse to risk due to the drop of oil prices. Yet the situation in Europe (and Greece in particular) increased demand for safer investment options even further. As a result, the yen rallied, undoubtedly making the Japanese government unhappy as it wants to see the currency weaker, not stronger.
USD/JPY dropped from 120.66 to 119.54 (1 percent) as of 12:18 GMT today. EUR/JPY tumbled from 146.62 to 145.25.

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