The Japanese yen is soaring after a powerful earthquake just shook the nation

The Japanese yen has rallied after a large magnitude 6.9 earthquake 61km off the coast of Namie, Japan.

The USD/JPY is currently trading at 110.86, well off the highs of 111.36 struck earlier in the session.

Nikkei futures have also turned negative on the news.

According to Japanese broadcaster NHK, a Tsunami three metres high may strike Japan’s east coast.

Residents in the region, including the Fukushima prefecture, have been advised to flee coastal areas.

Here’s the USD/JPY 5-minute chart:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.