I'm unclear

I read that the Yen is surging but its market is in the dumps. They make money or at least save their money in Yen so even if there businesses are slow, there is tremendous appreciation in their cash holdings. Additionally, most of the Japanese companies are trading close to book value so one is not overpaying. Granted, many articles have been published that mentioned how un-shareholder friendly Japanese firms are, but that could change.

And what about AFL? The only company that I know that is US based but primary business is in Japan. They are growing their US business and probably can scoop up assets cheap with their appreciating assets. But as mentioned yesterday, their investments have tanked, so this company is breaking even at least in this market environment.

AND what about the Swiss Franc? It also was used in the carry trade. It is being unfairly punished by being lumped in with the Euro. Could Swiss Re be a good investment?

I just don't know but I do know insurance companies that stay in business and have cash in currencies that are appreciating are primed to pounce if the market at least doesn't fall out bed.