Yen Rises to Nearly One-Year High Against Euro

The yen's move is being framed less around Japanese fundamentals than around risk appetite and JGB calm — a notable shift, since equity weakness is usually a yen-negative signal rather than a supportive one. The euro leg matters most here: a nearly one-year high against the single currency suggests this is as much a euro-side story as a yen-side one. What's worth watching is whether the JGB stability Suzuki cites holds, since that appears to be doing much of the work in this move, and whether the three-day dollar slide extends or reverses.