Safe Haven Japanese Yen Strengthens Over Coronavirus Worries

Arslan Butt•Monday, March 30, 2020•1 min read

The Japanese yen appears to be back in favor as a safe haven currency as investors continue to focus on the growing economic risks of the coronavirus crisis. At the time of writing, USD/JPY is trading at around 107.70.

The market focus remains on the latest developments surrounding the pandemic as the number of infections and death toll continue to rise across the world. A few days ago, the US overtook China to have the largest number of coronavirus cases while the number of dead also continue to rise.

According to latest estimates the director of US’s National Institute of Allergy and Infectious Diseases, Anthony Fauci, the country could see the death toll soar to 100,000-200,000 if the situation worsens. The mood in the markets soured further after President Trump stated that social distancing could be extended until the end of April.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.