Yen Appreciates as Tremor Boosts Demand for Safety

The Japanese yen gained today versus all other most-traded currencies as the earthquake in Japan increased local demand for the currency as a safe haven.

The 8.9-magnitude earthquake struck at 14:46 local time at 130 kilometers off the coast of Sendai north of Tokyo, at a depth of 24 kilometers, causing building in Tokyo to shake. The disaster resulted in the surge of demand for safety in Japan and the Japanese currency profited from it as it’s still considered a haven, in spite of problems in the country.

USD/JPY sank from 82.97 to 82.26 today as of 10:22 GMT after it previously rose as high as 83.29.

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