The safe-haven yen remained in demand on Wednesday as investor caution prevailed...
TOKYO - The safe-haven yen remained in demand on Wednesday as investor caution prevailed due to fresh U.S.-Europe trade tensions and the International Monetary Fund’s downgrade of its global economic outlook.
Broader sentiment in the market remained subdued as the flare-up between the United States and Europe added to other potential global flashpoints over trade, including Sino-U.S. negotiations. Daiwa Securities senior currency strategist Yukio Ishizuki said the Japanese currency found further support ahead of an unprecedented 10-day holiday from late April to early May in Japan to mark the ascension of the new emperor, Crown Prince Naruhito.
On Monday, the U.S. Trade Representative proposed a list of European Union products ranging from large commercial aircraft and parts to dairy products and wine on which to slap tariffs as retaliation for European aircraft subsidies.
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