Tokyo stocks surge more than 3% on global rebound

So the yen started the week at about 121 to the dollar, and also ends the week at about 121.

This despite some short-term speculators and certain media on Monday describing the yen as a "safe haven".

Yeah, "safe" from the 3.7% second quarter growth data out of the USA.

Anyone who bought yen for dollars this week in order to feel safer would have lost money, unless they were fast and sold it back already amidst the volatility. But such short-term speculation has nothing to do with safety, quite the opposite.

Banzai! A case of Ahonomics helping the 1% while mrs Suzuki pays 8% for her kids' food.....

The Chinese will need to depreciate the Yuan, as it is way over-priced to the Mexico Peso, Brazilian Real, Korean Won and Japanese Yen. This will be the coming trend. China manufacturers are caught with a relatively very strong Yuan against their competitors.

So the weak Yen rally for Nikkei is almost over. If Yen weakens further, you can be sure of more shocking Yuan devaluation.

"certain media on Monday describing the yen as a "safe haven"."

Yeah, because it was true. When China and other markets wobbled, the yen shot up, as traders bought yen and dumped their dollars. When things settled down and confidence was restored, the yen went back down, as people piled back into dollars.

International investors buy yen when risk-aversion is called for.

You have investors confused with speculators. Investing doesn't involve buying yen and selling it again within the space of less than a week.

Also of note, was weekly figures Friday from the CME which showed that as of Tuesday speculators themselves were still net short yen.

Not net long yen.

Their net short position was smaller than the week prior, but still net short nonetheless. So only some speculators, probably ultra short term ones (and some plain fools), bought yen thinking it is a 'safe haven', and then suddenly sold it again if they were good.

I would also note that the Chinese market has crashed, not wobbled.

I have nothing against short term speculation, but the mantra that the yen is a safe haven is false and ought be dispelled for the sake of the common people.