Yen Reaches New Record High On Devastated Economy

Because of the somewhat perverse logic that I described a few days ago, the devastation of the Japanese economy caused by the earthquake/tsunami and its effects on Japan's nuclear power plants, Japan'cs currency continues to appreciate dramatically in value, reaching a record high 1.3 U.S. cents per yen (77.32 yens oer dollar in inverted terns) up from 1.2 cents (83 yen oer dollar in inverted terms) before the natural disaster.

Such a dramatic currency appreciation will cause further damage to an economy already severely damaged by the massive deaths, destruction, radiation fear and power outages.