Published Date The popular delusion of the JPY as a "safe-haven"

Japan's CDS spread is now wider than that of Malaysia and Chile so why the "safe-haven" status for the JPY?

Some Interesting Divergences on the "Japans" Front. With Japan's debt to GDP ratio at 230% (Italy's is at about 120%), its interest repayments on debt representing about 40% of its annual tax revenue.........and the Japanese government spending twice what it  earns, one should not be surprised to find the "smart" money seeing Japan as a bigger risk than Malaysia and Chile! Below is a table of the CDS spreads. To me this all makes sense. So then how do folk (notably of the dolly bird presenter type) come up with the term "safe-haven" for the JPY and JGBs? 

And given the ranking of Japan on the CDS spread front, how can implied volatility on the JPY be near 12 year lows? I cannot buy enough vol!