Yes, a lot of dollars and a lot of euros are being turned into yen. It's at 98 right now, and everyone has to be wondering what the BOJ is thinking about this rapid strengthening.
We won't have the stats for a few days, but I have to wonder with so much liquidation going on around the globe that maybe some of the Japanese firms have decided to park cash back in Japan, even if they are buying a very expensive yen.
If the BOJ doesn't intervene, I have long thought that we see the yen go below 80, which I think is a much natural range.
I will buy that. Yen 85 to 90 to the Dollar, for weeks or months on end. Very possible.