The CAD/JPY currency pair, which expresses the value of the Canadian dollar in terms of the Japanese yen, is one of the most quintessential risk-on currency pairs.
The Japanese yen, abbreviated as JPY, is considered a safe haven due to the relative political stability of Japan, the country's current account surpluses, and the active domestic investment community in Japan (which is a global source of "hot money").
Canada, on the other hand, has at least historically maintained a wide (and positive) interest rate differential with Japan, making the Canadian dollar (or CAD) attractive