The Japanese yen rose sharply against other major currencies Friday as investors sought safer assets amid renewed concerns about the strength of the global economic recovery. Increased risk aversion prompted investors to reduce their exposure to higher-yielding currencies and seek the relative safety of the yen.

The dollar fell to a 15-year low against the yen, trading at levels not seen since 1995. The euro also weakened against the yen, reflecting the broader risk-off sentiment in the market.

Analysts attributed the yen’s strength to a combination of factors, including:

• Concerns about the pace of global economic growth
• Increased risk aversion among investors
• The yen’s safe-haven status

The yen’s appreciation could have implications for the Japanese economy, potentially making Japanese exports more expensive and hurting corporate profits. However, some analysts believe that the yen’s strength could also help to keep inflation in check.

The currency market remains volatile, and it is difficult to predict how the yen will perform in the coming weeks and months. However, the current environment of risk aversion is likely to continue to support the yen in the near term.