The yen is gaining as trade tensions heat up

  • Trade tensions between the US and China are heating up.
  • The yen was up 0.35% against the dollar on Wednesday morning.
  • Follow the yen in real time here.

The US dollar extended a string of losses against the yenWednesday morning, as investors retreated to the safe-haven Japanese currency after a wave of tariff announcements between the world’s two biggest economies.

The yen was up 0.35% to 106.26 per dollar at 8:55 a.m. ET.

After weeks of buildup, the US and China are quickly moving forward with imposing hefty import taxes on one another.

The Trump administration announced Tuesday evening a list of $US50 billion worth of Chinese goods, in addition to steel and aluminium, that could be targeted by tariffs. The Chinese Ministry of Commerce fired back Wednesday morning, rolling out a list of retaliatory tariffs on $US50 billion worth of US exports.

The yen is widely seen as a safe-haven currency and often gains at the dollar’s expense during times of geopolitical tensions.

The yen is up 5.97% versus the dollar this year.

Screen Shot 2018 04 04 at 8.53.09 AMMarkets Insider

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.