On February 12, the foreign exchange market reported that the yen has fallen to the 159-yen per dollar range, marking its first occurrence since January 23. This trend is attributed to increasing tensions in the Middle East and a rise in oil prices, leading to a strong demand for the U.S. dollar as investors seek safety amid conflict. The phrase "emergency dollar buying" highlights the tendency of investors to move their assets to the more stable dollar during crises.

Since the U.S. and Israel's attack on Iran at the end of February, there has been a notable increase in the purchase of dollars, suggesting that in times of war or emergency, the dollar often serves as a refuge for capital. Additionally, the rising oil prices are raising concerns about potential negative impacts on the Japanese economy, contributing to the weakening of the yen against the dollar. Comparatively, the yen has depreciated by about 3 yen from its value on February 27, before the outbreak of attacks.

As the yen approaches the 160 yen mark against the dollar, market watchers are anxious about further fluctuations. The relationship between geopolitical tensions, oil prices, and currency movements underscores the importance of global events in influencing local financial markets, notably how investors react to crisis situations and the resulting economic implications for Japan.