A clear sign that the economy is in severe flight from risk is the massive surge in the value of the Japanese Yen against every currency pair these past few days. Even against the resurgent Euro, the JPY has managed to gain over 1,500 pips by moving from 128.85 to 112.78 in just 2 weeks. The Yen has been strengthening against most currencies for some time now. The latest spike only mirrors the market's move away from riskier currencies and into safe-havens.

News from Japan will not likely have a significant impact on the value of the Yen. At this point the market is simply pushing its assets into safe-havens such as the USD and JPY and little that Japan can say or do will change this for the time being. Traders should be focusing on the news from Europe considering that the Euro-Zone has been the key player in market sentiment these past few weeks.