Crude oil priced in Japanese Yen has been consistently appreciating of late despite elevated geopolitical risks. What does this say about the safe-haven status of the JPY? Get your market update from DanMcCarthyFX here:
The Japanese Yen has generally been deteriorating in value of late against the US Dollar, but it has been less vulnerable against other currency pairs.
The new Japanese Prime Minister Fumio Kishida brought in high expectations of re-invigorated stimulus measures to get the nation back on track. To other nations, the downside for such a strategy in the current environment, is that this can lead to imported inflation. But for Japan, they would welcome such an outcome!
The latter is most significant because in times of uncertainty, the Japanese Yen has typically seen bouts of appreciation as Japanese investors repatriate their allocations. This has not occurred in the last few weeks.On the other hand, crude oil has been on the march higher due to a number of factors. Most notably from a pick-up in post pandemic demand globally and the inability of suppliers to deliver more product.
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