28 June 2016 at 5:50 GMT
The Nikkei Asian Review
The jury is still out as to whether Britain's momentous decision to end its 43-year membership of the EU will lead to a severe loss of confidence in financial markets akin to the bankruptcy of Lehman Brothers in 2008 which triggered the GFC. For Asian markets, the spillover effects of the “leave” campaign's victory are already visible. Japan's currency, which along with gold and "core" government bonds acts as a safe haven asset in periods of risk aversion, is proving the most sensitive to fears about the consequences of a British exit from the EU. Japanese policymakers are now more emboldened to step in to stem the yen's appreciation. As Japanese policymakers fret about a stronger yen, their emerging Asian counterparts are nervously eyeing the dollar.
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