Yen Gains As Trade War Between US & China Escalates

The Japanese yen rose today on signs that the trade war between the United States and China escalates.

In response to the US tariffs on Chinese goods, China announced its plans to impose tariffs on about $50 billion of US imports. The new duties will be applied to 106 US products. Trade wars between two world’s biggest economies does not bode well to the global economy, therefore the news spurred investors to seek a safe haven.

USD/JPY dropped from 106.59 to 106.22 as of 12:07 GMT today, touching the low of 105.99 intraday. EUR/JPY declined from 130.81 to 130.40.

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