Botman, Dennis P. J.; Filho, Irineu E. Carvalho; Lam, … - International Monetary Fund (IMF) - 2013
During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s...