USD/JPYと「安全資産」の物語 – 考えすぎだろうか？

The safe haven narrative for JPY has been weakening for a while now, especially with Japan's own economic issues. It's more about interest rate differentials and carry trade dynamics these days, which makes the traditional safe haven call less reliable.

I think the 'safe haven' label for JPY has become more nuanced over the years, especially with persistent low inflation and a decade of easy monetary policy. It's less about a pure flight to safety and more about the carry unwind dynamic.

I agree that the "safe haven" narrative for JPY has become less straightforward. Perhaps the market is starting to price in other factors more heavily, like interest rate differentials or the actual economic outlook for Japan, which might be overshadowing the traditional flight-to-safety flows.