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MARKET PANIC: The Yen Is Just Going Ballistic

Joe WeisenthalFeb 26, 2013, 02:00 IST

We mentioned earlier that the yen was rallying sharply, but wow, it just continues.

Basically, in the risk-off move (which seemed to be a result of the destabilizing Italian election), people are zooming back into the safe-haven yen.

Check out this move of USDJPY. The dollar is just plummeting against the yen.

Given that a weak yen has been a big driver of a strong Japanese market, watch out when the Nikkei opens tonight. It could get really clubbed on this yen strength.