Is Brexit Turbulence Making Yen a Flight to Safety?
The yen advanced for the third time in four days, still in demand for its perceived safety following the U.K.’s vote to leave the European Union. “Investor sentiment will not immediately turn risk-positive,” said Takuya Kanda, a senior researcher at Gaitame.com Research Institute Ltd. “We are nowhere near declaring an end to the shock.” The pound extended its rally from Tuesday amid optimism European authorities will act to stabilize markets. It rose even as almost three quarters of respondents to a Bloomberg survey predicted Britain’s economy will slip into a recession for the first time since 2009. Rabobank Senior Foreign-Exchange Strategist Jane Foley discusses with Bloomberg's Francine Lacqua on "The Pulse."