Some people may be wondering why, despite the devastating earthquake and tsunami in March, the yen has been rising against the dollar, the euro and other major currencies, indicating investor confidence in the country's economy, at least so far.
Many analysts respond to the question with just two words, "relative safety," which means shorter-term prospects for economic conditions in Japan are better than those for the United States, where unemployment remains high, and Europe, which is watching the sovereign debt crisis develop into a banking crisis.
But skepticism is rapidly spreading among Japanese experts as to whether the trend will last, with some warning that the real challenges for Japan, including a weakening yen or a surge in long-term borrowing costs for the government, may suddenly arise once Europe overcomes its current problems.