Winners and losers from safe-haven demand

The continued recovery in the price of gold confirms that it has retained its safe-haven status despite the slump in the first half of last year. We expect further gains. Less positively, yen strength due to repatriation flows remains a significant downside risk for Japanese equities.

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.
By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.

Already a client or trialist? Log in to read this.