Yen Strengthens After North Korean Missile Launch

The Japanese yen was almost flat versus the US dollar and gained on its other most-traded rivals after North Korean missile launch increased geopolitical tensions.
South Korean military sources reported that North Korea launched several missiles into the sea northwest of Japan’s coast. That triggered angry objections form Japan and South Korea. Several other countries also voiced concern about the event. The yen tends to strengthen when geopolitical risks increase, therefore it is not surprising to see the Japanese currency firm today.
USD/JPY traded close to its opening level of 113.87 as of 13:06 GMT today. Meanwhile, EUR/JPY dropped from 120.81 to 120.51.

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