The 130 point rally in the Dow has driven the Japanese Yen higher against all of the major currency pairs.
Risk appetite is the predominant theme in the markets right now, but weaker Japanese economic data also weighed on the Yen. The Eco Watchers survey which measures the sentiment of the man on the street dropped from 36.9 to 35.5 with the outlook component falling from 38.2 to 36.1. Japan imports practically all of their oil needs which mean that the higher price of gasoline will make life more difficult for the average Japanese citizen. It will also reduce the chances of the Japanese economy resuming its recovery.