Kuroda wonders why yen is safe haven; watching neg' correlation to stocks - Scotiabank

Analysts at Scotiabank explained that BoJ Gov. Kuroda wondered aloud recently as to why the JPY was a safe haven. 

Key Quotes:

"That moniker looks less appropriate but we think it’s status as a refuge relates to Japan’s large external surpluses which leave it less prone to sudden stops in capital flows."

"Regardless of today’s losses, the JPY retains a persistent, negative correlation with US stocks (and equities in general) and we expect soft stocks will slow—or reverse—JPY weakness in the low/mid 109s."