What we saw with the Kobe earthquake in 1995 the drop in USD/JPY was 20% over 3 months.

我们曾看到坂神大地震后三个月，美元对日元跌幅达20%。

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That is, if the market cannot buy CHF or JPY when market stress intensifies sharply, then it will pile into the USD in a more aggressive manner for liquidity.

也就是说，市场在压力急剧增大时，投资者如果不能买入瑞士法郎或日元，那么出于流动性的考虑他们就会以更激进的方式大举购入美元。

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The JPY is treated by investors as a mini safe haven in times of risk aversion, which has enabled it to remain stable against the USD and strengthen against the EUR.

日元在风险规避时往往被投资者看作一个小型的安全天堂，这使得日元对美元能够保持平稳并且对欧元能够稳步强势。

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Soon the market could be seeing a better bid scenario of the historical reserve currencies by hedge funds (USD, JPY and CHF).

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We saw before that in FY2010 the business produced consolidated gross profits of JPY 1, 347.5 billion (USD 16.8 billion), only slightly below the JPY 1, 507.9 billion produced by the corporate business (including investment banking).

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An operating profit of JPY 350 billion (USD 3.7 billion) has been set for FY 2015.

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