The Japanese yen rallied today as US-China trade tensions suddenly flared up, driving market participants to seek safety.
Risk aversion on the Forex market heightened after the news that the United States were considering additional tariffs on Chinese goods. The yen traditionally thrives in risk-negative environment. Tomorrow, the Bank of Japan will release a policy meeting minutes, but they will be for the June meeting, not the latest one, therefore will likely have a limited impact on the market.
USD/JPY slid from 111.72 to 111.48 as of 11:28 GMT today. EUR/JPY declined from 130.20 to 129.51.
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