Japanese Yen's Safe Haven Appeal Diminishes. What's Happening? - Forex News by Strategia Forex
USD/JPY

Japanese Yen’s Safe Haven Appeal Diminishes. What’s Happening?

Posted Thursday, September 5, 2019 by
Arslan Butt • 1 min read

The Japanese yen is trading weaker against the US dollar on Thursday after the Chinese Commerce Ministry confirmed that US and China trade teams are set to meet in Washington in October to continue their negotiations towards a trade deal. This has helped improve the market sentiment, with USD/JPY trading at around 106.54 at the time of writing.

The next round of in-person meetings were confirmed following a phone discussion between Chinese Vice Premier Liu He and US treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer. The safe haven appeal of the Japanese yen has also diminished in expectations of a no-deal Brexit being averted in the UK.

The market sentiment has also improved on the back of latest developments in Hong Kong signaling possible breakthrough and resolution of the protests and crisis. After months of opposition, Hong Kong Chief Executive Carrie Lam announced a withdrawal of an extradition bill after months of protests.

However, a weakness in the US dollar is continuing to keep USD/JPY trading somewhat bearish for now.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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