Oil Prices and the Yen – An Interesting Relationship

Lately, I've noticed WTI and Brent crude oil prices holding up quite well, despite some pressure from the global economy. However, there seems to be clear support from tight supply. Major producing countries maintaining production caps keeps the overall market balanced.

But what I've observed for several days is the Japanese Yen. Normally, during a bear market, crude oil tends to be sold off. But recently, the $JPY has been quite volatile. Today, I saw it swing between 37.35–37.74. This could directly impact Japan's oil import costs, which might affect long-term demand as well. Or are investors looking for other Safe Havens besides the Yen? I'd like to hear the forum's views on how you see this relationship.