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In This Mess of a Market, Safe Havens Are Making a Comeback

  • Japanese currency surges early on Thursday in flash move
  • Gold and the yen are extending recent gains into the new year
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Daragh Maher, U.S. head of FX strategy at HSBC Securities, examines the factors behind the Yen surge.Source: Bloomberg
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The remarkable thing about recent yen performance may not be its almost 4 percent surge against the dollar on Thursday, but the fact the currency just clocked its best month in about two years.

That exact statistic also applies to gold, which in December notched the largest jump since January 2017. Both assets have continued to climb this year. Meanwhile, bonds of G-7 governments had their best December in a decade, according to a Bank of America Merrill Lynch index.