According to CoinMeta, as global stock markets faced selling pressure and risk aversion increased, the Japanese yen outperformed all major currencies on Thursday. Traders and strategists pointed out that domestic capital flows in Japan also provided support for the yen. The yen rose by 0.9% against the US dollar, reaching 156.69 yen per dollar, its strongest level since late September. It also rose by 1.1% against the euro and approached its highest level in nearly a year, and gained about 0.5% against the Swiss franc. As major Asian and European stock indices fell and US stock index futures declined, long-term institutional investors bought yen. A new round of disappointing earnings from technology and artificial intelligence-related companies dampened market sentiment, while escalating tensions in the Middle East drove up oil prices, further suppressing risk appetite. Strategists noted that demand for Japanese government bonds increased, and there were signs of domestic capital buying into the yen. Some strategists said that these factors may be helping the yen outperform other currencies, but more evidence is needed to determine whether such capital flows are becoming a sustainable source of support for the yen.