Safe Haven Musical Chairs…

…in a room with no furniture (or roof)?

This is going to really complicate attempts to stop the bloodletting.

From Marketwatch

LONDON (MarketWatch) — The U.S. dollar surged against the euro and the British pound Monday, but lost ground against ever-resilient Japanese currency as safe-haven flows trumped a G7 warning over “excessive” yen volatility.

“Fear continues to grip global markets and traders are piling into whatever safe havens they can find,” said James Hughes, analyst at CMC Markets.
The dollar slipped to 93.30 yen in recent trade after touching a low of 92.02 earlier in the day. That’s down from 94.18 late Friday.
The dollar fell as low as 90.90 yen on Friday, the yen’s strongest level versus the dollar since August 1995.

“We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability,” the G-7 said in a joint statement issued Monday morning.

“We continue to monitor markets closely, and cooperate as appropriate,” they said.

Strategists said the statement shows high potential for coordinated intervention aimed at arresting the yen’s strong rise.

Meanwhile, the dollar lost ground against the Swiss franc, a traditional safe-haven, to change hands at 1.1590 francs, a loss of 0.7%.

The dollar, however, has enjoyed safe-haven status of its own, boosted in part by repatriation as U.S. investors flee emerging markets and other overseas investments.