Yen not losing haven status: BOJ’s Kuroda

Bloomberg

Bank of Japan (BOJ) Governor Haruhiko Kuroda shrugged off speculation that the yen is losing its status as a safe asset and blamed its depreciation on the dollar.
“I don’t think there has been a fundamental change in the situation of foreign-exchange rates,” Kuroda told reporters on Saturday in Riyadh, where he is attending a Group of 20 meeting. “The yen, the euro and Asian currencies have weakened against the dollar.”
The yen retreated to a 10-month low against the dollar earlier this week as the spread of coronavirus compounded concerns about the state of the Japanese economy, which last quarter suffered biggest contraction since 2014.
While uncertainties remain high, there is no change in the economic outlook for a moderate recovery, Kuroda said. The BOJ will continue to carefully watch the economic implications of the virus and will bolster monetary stimulus if needed, he said.