On Breakingviews - Japan is stuck with curse of safe-haven yen, says petesweeneypro:
Men walk past an electronic display showing the Japanese yen's exchange rates against world currencies in Tokyo, Japan, January 8, 2020. REUTERS/Issei Kato
The yen’s initial reaction to the coronavirus outbreak in China was to weaken, not least because of the trading ties between the two countries. But that’s changed as the virus has spread globally and after Federal Reserve Chair Jerome Powell unexpectedly cut the U.S. policy interest rate last week. The latest lurch higher in the Japanese currency came on Monday when tumbling oil prices sent global markets into a tailspin.
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