FXStreet reports that in the opinion of strategist at Westpac Institutional Bank, the Japanese currency is not being used as a safe-haven asset by investors at this moment as markets are not concerned about coronavirus either.

"The sharp recovery in USD/JPY despite the 'polynomial' rise in confirmed coronavirus cases suggests markets are not concerned."

"The outbreak and aggressive policies are set to contain coronavirus to have a major impact on growth in both China and the global economy. We are now forecasting 5.3% for China in 2020 and just 2.8% for global growth."

"From a risk-reward perspective, we will stick with the view that USD/JPY is a sell on strength, but would rather wait for a move above 110.50 before selling."