Yen Outperforms Major Currencies as Risk Aversion Deepens

The yen's broad advance—including against the Swiss franc, itself a classic haven—suggests this is less a dollar story than a genuine risk-off rotation, with domestic Japanese fund flows adding a structural bid beyond the equity selloff. That matters for carry-sensitive positioning across G10 and for anyone holding unhedged yen exposure. The open question is whether haven demand persists once the equity pullback stabilizes, or whether the move reflects a deeper repricing of risk appetite.