‘s global macro strategy team believes that the US dollar may become a preferred haven as US interest rates fall this year, making it a financing currency for borrowing and arbitrage transactions. < / P > < p > recent correlation and capital flow analysis shows that the USD / JPY may even rebound in the safe haven period, contrary to market perception. Japanese investors actually bought foreign assets during the period of risk uncertainty, instead of repatriating them. The Swiss Franc should remain a safe haven currency, but its appreciation potential is limited by the Swiss central bank’s foreign exchange intervention. < / P > < p > among the group of 10 countries, buying US dollar against Australian dollar is the strongest hedging measure. In the period of hedging, the yen should strengthen against the Australian dollar, the New Zealand dollar, the Norwegian Krona or the pound, but the yen should remain stable or even weaken against the US dollar, because the US dollar has become a better hedging tool.