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    Yen in demand on safe haven status - Nomura Ross J Burland

    Analysts at Nomura explained that in this week’s risk off, JPY has been demanded for its safe-haven status.Key Quotes:"The BOJ left policy unchanged, though we still see an easing as likely in July. Expectations for a July easing could support USD/JPY (along with verbal intervention from policy makers); however near-term trading will likely be most influenced by Brexit risk, particularly if the polls remain tight.""While a Brexit is not our base case, it could lead to an abrupt JPY appreciation.""The Japanese authorities may judge these movements triggered by a nonJapan, non-US event as disorderly. While JPY has been demanded with Brexit risk, we argue EUR is temporarily losing its safe-haven status ahead of the European risk event."


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