TOKYO, Feb 20 — The yen’s status as a safe haven is coming under pressure as unease grows about the rising number of coronavirus cases in Japan, against the backdrop of a stuttering domestic economy. Japan’s currency tumbled to a nine-month low against the dollar and faced a barrage of...
A Japan Yen note in front of US Dollar and British Pound Sterling notes are seen in this June 22, 2017 illustration photo. — Reuters pic
That runs counter to the long-standing assumption that Japanese funds would repatriate their money during a true global crisis, pushing the yen higher. The yen was quoted at 111.36 to the dollar on Thursday following Wednesday’ decline of 1.3 per cent, its biggest daily drop in five months. The outbreak started in China, but its spread through a cruise ship moored in Tokyo means Japan now has well over half of the known cases outside China.
Some 3 trillion yen in net foreign bond purchases by Japanese investors in the first two weeks of February seems to underscore the lack of confidence in domestic investments.
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