There is speculation that Japan's pension "whale" is keeping the calm in the currencies market amid the coronavirus outbreak
This is being reported by the Nikkei Asian Review and it cites some speculation in Tokyo that Japanese authorities have began selling the yen, using cash from the GPIF - the world's largest pension fund.
There is also talk of PBOC conducting huge market operations to keep the calm - although that is one that we can also roughly figure out - with one market player claiming that this week's USD/JPY move is due to a "joint fund supply by Japan and China".
For some context, the GPIF houses about ¥160 trillion worth of funds and after the US-Iran incident that pushed USD/JPY lower, you can imagine that Japanese authorities would like to avoid a massive fear trade that may push USD/JPY towards 100.00.
The full report can be found here.
