Safe Haven Japanese Yen Strengthens Over Coronavirus Worries - Forex News by FX Leaders
Safe Haven Japanese Yen Strengthens Over Coronavirus Worries

Safe Haven Japanese Yen Strengthens Over Coronavirus Worries

Posted Monday, March 30, 2020 by
Arslan Butt • 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

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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