Kuroda Pushes Back Against Speculation Over Yen’s Haven Status
By Mark Belov News,
22Feb, 2020
Bank of Japan 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.”
Read more: Yen’s Worst Rout Since 2017 May Be a Prelude After Funds Flee
The yen retreated to a 10-month low against the dollar earlier this week as the spread of the coronavirus compounded concerns about the state of the Japanese economy, which last quarter suffered the biggest contraction since 2014.