Yen's recent rise likely fueled by safe-haven demand, Mizuho says
Mizuho Bank economist Kyugo Hasegawa says the recent yen gain may reflect safe-haven buying amid French fiscal worries.
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what happened
The recent strengthening of the Japanese yen may have been driven by safe-haven demand, according to Mizuho Bank economist Kyugo Hasegawa in a note. French fiscal concerns pushed the Swiss franc notably higher, which raised caution about possible measures by the Swiss National Bank to curb further gains in the franc.
Hasegawa says this may have redirected haven flows toward the yen. Still, he argues that Japanese fiscal and monetary factors will be decisive for any further gains in the currency.
At the time of reporting, the dollar traded at 156.87 yen and the euro at 175.88 yen.
why it matters
For currency markets, the yen may respond not only to the dollar but also to shifts in haven demand between the franc and the yen. USD/JPY and EUR/JPY remain sensitive to Japanese policy decisions and Bank of Japan policy.
market impact
USD/JPY, EUR/JPY: haven demand supports the yen, pressure on yen pairs
tags
instruments
sources
- Yen's Latest Rise Likely Driven by Safe-Haven Demand — Market Talk, 23 October 2026 at 02:21 UTC
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