The Yen influenced trading as most major players fell against it last week.
The Global market downturn affected the investor’s sentiment towards risk and around the globe most fell against the Yen carry trade.
Most affected was New Zealand which shed 7.5% against the Yen, so risk reduction had to come into play at some stage.
So the Yen jumped as many market players reversed their posistions using other currency of low-yield value such as Japanese to buy higher yielding currency like Australian and New Zealand dollars in the carry trade.