This study investigates the temporal variation in the safe haven status of the Japanese yen, Swiss franc, and U … the Swiss franc an SHC during the crisis. The Japanese yen later emerged as an SHC and retained safe haven status during …

$/yen exchange rate from December 1931 to November 1933 is analyzed. Japan's decision to go off gold in December 1931 … depreciated yen by 30% in a month, mostly in the Tokyo market. During 1932, the yen depreciated another 30%, mainly due to Japan …'s aggression in China and resulting diplomatic isolation. In 1933, the yen appreciated against the dollar, mainly in the New York …

predictability of interest differentials playing a secondary role. However, for the Japanese Yen the main determinant is long …