Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Why certain currencies are considered safe havens in times of turmoil
It's a combination of neutrality, economic power, economic freedom, a history of stability, and tradition. In the case of the Japanese yen, it's obviously economic power that is the determining factor, as Japan is the world's third largest economy. Switzerland, on the other hand, is only the 19th largest economy, but ranks very high in all the other criteria.