Kensho: One currency dictating market's direction

Stacks of Japanese 10,000 yen banknotes
SeongJoon Cho | Bloomberg | Getty Images
Stacks of Japanese 10,000 yen banknotes

The yen is up sharply against the dollar in April and for the year so far. What does that mean for global and U.S. markets if it continues, using history as a guide?

Japan's currency has rallied 10 percent year to date against the dollar and almost 3 percent thus far in April through Wednesday. Investors traditionally buy the yen due to its reputation as a safe haven during times of global uncertainty.

Using Kensho, a tool designed to quantify historical market events, CNBC Pro searched for what happens to markets when the Japanese currency strengthens 3.5 percent against the dollar over one month since 2010.