If you've been reading the site, or following any financial news over the last several months, you've no doubt heard a lot about the Japanese
It's been declining precipitously thanks to the pro-stimulus policies of Japan's new Prime Minister.
But really, who cares about the yen? Why talk about it so much?
Well for one thing, Japan is still one of the biggest economies of the world, so there's an inherent interest in anything Japan-related.
But beyond that, it's interesting to see how pivotal the yen is in certain financial markets.
In a note, Citi's Steven Englander presents a few charts which show just how pivotal the strength of the yen is.
To start, the rise in the Nikkei is almost 100% related to the relative strength of the yen against the dollar.
 Citi |
On a relative to US stocks basis, the yen is once again a key driver of what's pushing Japanese stocks.
 Citi |
And if you look at Japan vs. Korean equities, it's all about the yen vs. the Korean won.
 Citi |
So for one of the biggest economies, their market is being driven almost entirely by the currency lever.