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.