0246 GMT - Investors shouldn't bet on the yen returning as a safe-haven asset during the continuing Iran crisis, Capital Economics' Thomas Matthews says in commentary. Two factors have probably undermined the yen's safe-haven appeal, says the head of markets for Asia Pacific. "First, it is especially exposed to energy prices among the G-10," Matthews says. "Second, relative yields have moved sharply against it," he says. "All of that means that investors shouldn't bank on the yen returning as a safe haven during the current crisis," Matthews says. This "also probably weakens the case for FX intervention, given the [yen's] move [to near 160 against the dollar] arguably has a fundamental justification," Matthews adds. Dollar is flat at 159.32, LSEG data show.(ronnie.harui@wsj.com)

(END) Dow Jones Newswires

March 12, 2026 22:46 ET (02:46 GMT)

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