Another night of risk aversion has lifted the yen to a six week high against the euro and a four week high against the buck as WHO raised the alert status of the swine flu crisis from 3 to 4. Keiji Fukuda, assistant director-general for health security and environment noted that the increased threat level “signifies that we have taken a step closer to pandemic. It is also possible that as the situation evolves over the next few days we could move into Stage 5.”