The Japanese Yen struck a 5-month peak versus the US Dollar as rising geopolitical tensions helped to keep safe havens in demand. The Yen was also broadly higher versus other major currencies, including the Pound Sterling and the common currency Euro. In North Korea, a failed test launch of a nuclear missile after US President Trump cautioned Pyongyang has ratcheted up worries of an escalation in military activity.
As reported at 9:34 am (JST) in Tokyo the USD/JPY was trading at 108.3650 Yen, down 0.10%; the pair earlier hit a session low of 108.235 Yen, a loss of 0.3% and the lowest price for the pair since mid-November. The EUR/JPY was also lower at 115.1057 Yen, down 0.0359%. After sitting lower, the GBP/JPY pair edged higher to 135.8941 Yen, up 0.06%.
Asian Outlook for Monday
In Asia, markets will be watching the release of economic data from China, notably GDP figures for the first quarter and industrial production and retail sales figures for February. The Bank of Japan’s governor Haruhiko Kuroda later today will also be discussing monetary policy for the Japanese economy, with a view to the outlook for the Japanese Yen.