If a country has an earthquake, risks of a sharp economic deterioration, a common scenario - the flight of capital, intensified the demand for dollars, euros, etc., falling local currency, the flash inflation, the crisis of banks, etc. In Japan - all the way around. Strengthening yen, from 11 to 18 March by 4,8% against the U.S. dollar. Yen "vertically" went up. Reasons? Firstly, This rise reinforced the long-term trend. For four years (March 18, 2007 - March 18, 2011). Potyazhelela yen a third against the U.S. dollar (strengthened by 33%). Secondly, in Japan - a very strong international investment position (investments abroad almost twice the funds raised). This is a country - Exporter capital. Therefore, "capital flight", "sudden stop non-residents investments" - all the things that cause financial turmoil in Russia and other developing countries - does not play such a role. Bank of Japan to keep the situation, announced March 14 on the transfer of additional liquidity in circulation, the broad money support of financial institutions by buying their assets - government and corporate bonds, mutual funds. The limits of this program ransom had been raised in the 8-fold - from 5 to 40 trillion. yen (about U.S. $ 500 billion). Presumably, to obtain cash for liquidity support, without resorting to the issue, the Bank Japan began to sell its assets in foreign currency (dollar, euro, etc.). Or borrow yen. Consequence - increase in demand for the yen and, hence, its gain. Any fluctuations in the rates of key currencies (and the yen - one of them) are threatening global financial upheaval. It is therefore understandable attempt to counter other central Banks G-7 to smooth out these spikes. Their possible actions - selling the yen and its assets denominated in it, and, therefore, downward pressure on the currency, against the market forces pushing it up. It is not clear whether enough material market in the assets of the central banks of developed countries to implement intervention. In the structure of their foreign exchange reserves yen is only 5% (about $ 130 billion in autumn 2010). Can be calculated - the effect of statements of intent. Or on a coordinated central bank play a fall in the markets of foreign exchange derivatives that do not require cash reserves of the yen, but it can significantly influence its course.
Japan's share in Russian exports - 3.1% in import - 3,7%, the accumulated foreign investments - 3,2%. Not higher than the share of yen in assets and liabilities Russian banks. Therefore, fluctuations in the yen will not have significant influence on the ruble. A different matter if economic and financial situation in Japan will deteriorate and will - according to the rule trigger - crisis response, addressed to global finance.
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