In the view of economists at Crédit Agricole CIB Research, the US dollar is the first choice for safe haven followed by the Swiss franc. Meanwhile, the only significant support for the Japanese yen is its appeal as a safe-haven currency.

JPY’s only safe-haven appeal is that it is cheap

“The USD is investors’ first choice and the CHF is likely the second choice given its geographical proximity to Europe, which currently needs safe havens, and the currency offers short-term positive yields.” 

“The JPY offers no short-term positive yields and is more exposed to high energy prices than the USD and the CHF. The JPY’s only safe-haven appeal at the moment is that it is cheap.”