NEW YORK ( TheStreet) -- The yen may strengthen as investors begin to show equity market anxiety.In previous articles, I have written about the increasing strength of gold and bonds, hinting it may signal waning equity market sentiment. A crash may not be in the picture due to downside protection provided by the Federal Reserve, but on the daily charts, assets traditionally bid higher during times of fear are beginning to receive that bid. CAT) earnings report, released Wednesday, was below expectations, sending a negative signal to global markets. The maker of industrial equipment is as a proxy for global growth. Its disappointing third-quarter results and outlook provided negative sentiment for the fourth quarter. The chart below is of USD/JPY currency pair. An exchange-traded fund that tracks the Japanese currency is CurrencyShares Japanese Yen Trust ( FXY).