Japan imports 99% of its oil and also imports large percentages of its natural gas and other energy sources. Basically, its currency takes a beating when oil prices surge. But, when they drop significantly, Japan also has a windfall of additional money to pour into the other segments of its economy. The bottom line is that FX investors should look for opportunities with the yen any time there are significant changes in oil prices.
Source: http://www.investorguide.com/igu-article-961-forex-basics-can-commodities-affect-currency-rates.html
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