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From the viewpoint of an “insider” in this regard, I’ve been extremely interested in the following question: What does truly back the value of JPY? As you fully know, JPY are repeatedly soaring vis-テ-vis other major currencies such as USD, even though the Japanese economy continues to suffer from a variety of difficulties and issues. Why does the “market” pick it up as a “safe haven” in spite of that?

After the total defeat in the WWII in August, 1945, the Japan’s Imperial House made a decision to become alliance with the US leadership for 100 years. The Alliance is based on the simple rule that Japan is obliged to provide US with liquidities as much as the latter requests. The Japan-US alliance is indeed not a military but financial alliance, that has to be fully backed by physical assets.

http://d.hatena.ne.jp/d1021/20171027#1509101103