Yen Strengthens Amid Risk-Off Sentiment
0041 GMT — The yen strengthens against other G-10 and Asian currencies in the early session on risk-off sentiment driven by fears of an escalating U.S.-China trade war. 'President Trump said he will go ahead with a 104% tariff on imports from China,' two members of CBA's Global Economic & Markets Research say in a research report. Risk sentiment has worsened and equities have fallen, the members say. The 'potential for a whopping 104% tariff on China's exports to the U.S. is a headwind for AUD because China is Australia's largest trading partner,' they add. AUD/JPY slips 1.0% to 86.30; USD/JPY drops 0.6% to 145.40; EUR/JPY is 0.3% lower at 159.82. (ronnie.harui@wsj.com)
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