Published by Zeb BhamThe yen rose against all 16 of its major counterparts in early global forex trading this morning (July 30th), driven higher by concerns about economic recovery.A bearish sentiment prevailed among forex brokers this morning after Japan produced disappointing industrial production and employment figures, increasing demand for haven currencies.And with the US expected to post data showing the pace of recovery is slowing in the world's largest economy, the yen was this morning a preferred hedge currency, moving to its strongest position in a year against the dollar.Speaking to Bloomberg, Daisaku Ueno, president at Gaitame.com Research Institute, said: "Investors have few reasons to buy the dollar because interest rates are not going up."He added that the yen will continue to strengthen while the economic outlook deteriorates as traders adopt more conservative forex risk management strategies.The Swiss franc was also rising on bearish sentiment this morning, while the high-yield Australian dollar lost ground.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.