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:

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