Economic news

Yen climbs on trade war concerns

The yen touched a 16-month peak versus the dollar on Friday as financial markets were hit by concerns over growing U.S.-China trade intensification.

Photo: Reuters

The greenback dropped to as low as 104.635 yen in early trade, its nadir since November 2016.

The dollar index lost 0.3 percent to 89.615 .DXY, set for a weekly loss of 0.7 percent.

The euro inched up 0.3 percent to $1.2334.

In the longer term, protectionist measures imposed by the United States could be eased, in turn limiting the negative impact on trade ties and the world economy, experts say.

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    Fed believes that the economic prospects have firmed in recent months, and inflation will increase to around 2%

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