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Clearly Iran is doing this both tactically (to combat US financial pressure) and politically (to try and exert its own pressue on the US in general).
However it is also just part of the market - the Euro has now matured into a very trade-able currency, from a stable economy so it is an appealing trade prospect. Also given the amount of Oil used by Japan and their lack of natural resources (they'll always be producing Yen and always buying) it too is very trade-able in terms of commodities.
It is only the political aspect that is concern. Even the tactical aspect is to be expected.
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