A resurgent Yen has made some significant gains on both the U.S. Dollar and Euro in recent trading, largely due to poor economic news from the later currencies. That being said, most analysts do not foresee the Yen remaining strong for much longer. Japan currently exports more then it imports, meaning that a strong Yen generally hurts the export industry. This could play a large role in how the Japanese government shapes its economic policy.
Today, traders should expect the Yen to either gain or loose depending on economic indicators from the Euro-Zone and England. Good economic news for either the Euro or Pound is likely to entice risk taking among investors, which would hurt the Yen. On the other hand, any negative European news could give the Yen's safe haven status a boost.