The 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.