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It consistently rose in value against the dollar and produced solid dollar-based portfolio returns even when stock prices meandered.
In 1995, after the devastating earthquake centered in Kobe, a port and industrial city, which killed more than 6,000 people and caused more than $100 billion in damage, the yen rose in value against the dollar 20 percent in the following two months.
"Last year the pound rose in value against the euro by over 10% but recent pressures on the UK economy have seen the euro regain these losses.
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For the year ahead, many analysts expect the dollar to continue to rise in value against the yen.
All of this suggests that the Canadian dollar, which has been in the doldrums, should be rising in value against other currencies, particularly the American dollar.
The communiqué, they said, was aimed at China and Japan, urging them to allow their currencies to rise in value against both the euro and the dollar.
Alan Greenspan, the Federal Reserve chairman, said on Thursday that American manufacturers may not benefit much if China permits its currency to rise in value against the dollar.
Most currency traders think such a move would quickly cause the yuan to rise in value against the dollar, increasing the dollar cost of Chinese-made goods.
As the dollar rises in value against other currencies in the region, such as South Africa's rand, it makes Zimbabwean business less competitive.
In 1994, however, his instincts appeared to fail him at least temporarily as he speculated that the dollar would rise in value against the Japanese yen.
And it is also affected by China's refusal to heed the Obama administration's demands that it allow its currency to rise in value against the dollar.
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