Although the present market is still feeling the effects of the credit tightening which has put currencies such as the dollar under more pressure the Yen has reaped the benefits.
As a funding currency the Yen in carry trades is picking up from the continued high risk aversion status. The Yen continues to hold up against other currencies such as the euro, dollar and Aussie which are known to be high yielding.
Debts amounting to over 105 billion will have the credit rating lowered which comes after the subprime financial mortgage crisis.