Japanese Yen Gains Over Tensions in Hong Kong, Argentina
Arslan Butt • 1 min read
Early on Tuesday, the Japanese yen is trading close to a seven-month high against the US dollar over rising safe haven appeal demand in the wake of protests in Hong Kong. At the time of writing, USD/JPY is trading at around 105.46.
While the yen has been rising in value recently as a result of the US-China trade war, escalating tensions in Hong Kong and Argentina have given it a further boost. Risk aversion is high in global financial markets and investors are moving their money into safe haven assets like GOLD and currencies like the Japanese yen and Swiss Franc.
On Monday, Hong Kong shut down international flights from its airport as protesters thronged the terminal and disrupted passenger movement. In Argentina, stock markets and its currency peso lost significant value after the incumbent president lost in primary elections.