The Japanese yen underwent mixed results in yesterday's trading. The USD/JPY moved bearish as the dollar slumped from a boost in risk appetite. However, the same move away from safe-haven investments also pulled some investment out of the JPY, leading the island currency to move down against a number of its higher yielding currency rivals.

The Bank of Japan (BOJ) held Japanese short-term interest rates steady yesterday and statements by the BOJ appear to hint at a continuation of such a policy so long as the yen remains stronger than Japan desires. A few indicators from equity analysts, however, did hint at modest growth among exporting industries in Japan despite the rising value of the yen, suggesting Japan's economy is on better footing than many forecasts had provided.