Yen’s Haven Status Undercut by Gold Surge, BOJ Rate-Hike Doubts

The yen’s status as a haven in times of global stress faces growing skepticism, threatening to exacerbate a selloff that sent the Japanese currency to an eight-month low this week.

For decades, investors have turned to the yen during market shocks, from financial crises to geopolitical blowups. The logic was simple: Japan’s huge current-account surplus, stable political system, and deep domestic investor base made it a reliable refuge when risk assets tumbled.