We saw the financial markets panic in February, but they settled down and have been calm in the last 6-7 weeks. In the forex market, the panic translates into JPY and CHF buying. So the Japanese Yen gained about ten cents against the US Dollar during those first two weeks of February. As I said, the markets calmed but it looks like now the fear is creeping up again. USD/JPY has been declining in the last few days and the decline is gaining pace as you can see in the chart below. The BOJ is getting nervous but we don´t know yet if they are willing to intervene. 

The decline in USD/JPY is precipitating