Why is JPY considered a "safe currency"?
When the economic prospect around the world feels getting worse and/or getting higher uncertainty, usually the value of JPY is getting higher, because investors are said to start to buy JPY to shelter their money in a safer place. In some cases even if the bad economic prospect is not on US or Europe, it seems that JPY still tends to be stronger even compared to USD or EUR (e.g. near the French election this year or Brexit, JPY was getting stronger compared to USD).But it seems ridiculous to think of JPY as a safe currency, given that Japan's insanely high amount of debt.So what makes JPY considered so safe to buy in case the economic situation feels getting worse and/or getting higher uncertainty around the world? And is JPY a safe currency to begin with, even compared to other major currency such as USD, EUR, CHF, CHY, CAD, etc...?
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