Weakness in the US Dollar has been a focus of global investors as the greenback has weakened considerably versus the Euro and British pound. While the Japanese Yen has also strengthened against the US dollar over the course of the past several weeks, it doesn’t appear to have the strong momentum that the European currencies are exhibiting. The chart below shows the Euro – Yen cross rate, and the Euro has dominated the Yen for the better part of the past 12 months. Euro strength could prove a headwind for European equities in coming quarters, whereas Yen weakness could provide a boost for Japanese corporate earnings through the currency translation effect. Equities in these geographic regions tend to have a high degree of dependency on export markets and currency movements can have meaningful impact.