The Yen has received a nice boost from Japanese exporters, which moved en masse to exchange Dollars for Yen to meet certain year-end financial obligations. The logic is that exporters had owed money in arrears to domestic Japanese producers of the goods and services being exported
and needed to be paid in Yen. Such logic could theoretically be applied to exporters in ever country, which would provide the same boost to their respective currencies. However, in addition to being the world’s fourth-largest exporter, Japan’s economy is unusually dependent on exports. Thus, it is understandable that Japanese exporters could exert such influence on forex markets when entering the market at the same time.
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