21st March 2011
The move is reported by the International Business Times here.
A strong yen would be the last thing the Japanese economy needs as it battles to deal with the aftermath of the earthquake and still faces a great deal of uncertainty over the fate of the Fukuyama nuclear plant.
A recession of some sort is already expected.
At the heart of the increase in the currency was the repatriation of assets back into the yen by individual Japanese investors and companies including domestic insurers which may have to make huge payouts.