eFXdata reports that CIBC Research notes the breakdown in the relationship between JPY and Gold prices.

"During the current risk-off sentiment in FX markets, the only source of real solace appears to be the US$. One of the best example of traditional safe havens losing their shine is the relationship between the yen and gold prices. Even before the aforementioned horrid GDP print gave the yen a further kick weaker, that relationship had started to break down," CIBC notes.

"Because the only real risk-off play is the US$ at the moment, this puts the greenback at greater risk when global sentiment improves. Given continuing uncertainty regarding the Chinese economy, this could be more of a story for the second half of the year," CIBC adds.