TOKYO - Growing fears about the impact of a worsening U.S.-Sino trade conflict on global growth lifted the safe-haven Japanese yen to a six-week high against the dollar on Wednesday.
But the broader market’s focus is on for trade talks on Thursday and Friday in Washington, where Chinese Vice Premier Liu will try to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by U.S. President Donald Trump. On Wednesday, the dollar index against a basket of six key rivals was last down 0.2 percent at 97.463, wiping out the previous session’s gain of a tenth of a percent.
“This year, after the January 3 crash, the equity market has been strong volatility has been low, and that’s why the dollar/yen has been supported,” said Yamada. Kumiko Ishikawa, senior analyst at Sony Financial Holdings, said traders’ focus is now on whether the yen will strengthen past 109.70 yen per dollar, a recent high that was last hit in late March.
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