Yen Profits from Demand for Safety

The Japanese yen rallied today as the decline of prices for crude oil and the subsequent drop of stocks prompted investors to seek out safe alternatives. The yen, being considered a safe currency, was a logical choice.
The decline of prices for crude continues to make traders nervous. While prices rebounded a little today, the bounce was not big enough to ease worries. As a result, the MSCI Asia Pacific Index of equities dropped 1.3 percent.
There were other reasons for concerns too. Among such reasons is fear that the potential victory of anti-austerity Syriza party may lead to exit of Greece from the eurozone.
All in all, the market sentiment was not positive at the start of the year.
USD/JPY dropped from 119.63 to 119.28 as of 2:49 GMT today. EUR/JPY declined from 142.74 to 142.56 and GBP/JPY went down from 182.41 to 182.13.

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