The Japanese yen rose against other major currencies Wednesday as investors sought safe-haven assets amid concerns about global economic growth and increased geopolitical tensions.

The yen’s appreciation was particularly noticeable against the U.S. dollar and the euro. Analysts attributed the move to a flight to safety, with investors seeking less risky assets in times of uncertainty.

Geopolitical concerns, including ongoing tensions in Eastern Europe, further fueled demand for the yen. The Japanese currency is often seen as a safe haven due to Japan’s large current account surplus and its perceived stability.

The yen’s strength could have implications for the Japanese economy, potentially making exports more expensive and impacting corporate earnings. However, the Bank of Japan is closely monitoring the situation and is prepared to take action if necessary to support the economy.

Other safe-haven assets, such as gold and U.S. Treasury bonds, also saw increased demand as investors reduced their exposure to riskier assets.