Yen Rises Amid Setback in Japan's Upper House Elections - Jordan News
The yen stabilized at 148.46 against the U.S. dollar, remaining close to its three-and-a-half-month low recorded last week due to growing investor concerns
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Jordan News
10 hours ago
- Jordan News
Yen and Euro Boosted by Progress in Trade Talks
اضافة اعلان The euro edged toward its highest level in nearly four years on Thursday, while the yen held onto its gains following progress in trade agreements between the United States and its key trading partners, improving overall market largely shrugged off reports that U.S. President Donald Trump would visit the Federal Reserve on Thursday. Trump has frequently criticized Fed Chair Jerome Powell for not cutting interest remains unclear whether Trump will actually meet with are closely monitoring developments in tariff negotiations. On Wednesday, two European diplomats said the European Union and the United States are close to finalizing a trade deal that could involve a 15% U.S. tariff on EU goods, along with potential follows the trade agreement between Washington and Tokyo, which includes tariff reductions on Japanese car imports and exemptions from new duties on other goods, in exchange for a $550 billion package of investments and markets responded positively to the latest developments, with risk assets climbing and investors selling off the U.S. Australian dollar rose to its highest level in eight months at $0.66135 on euro held steady at $1.1776, hovering near the earlier-month peak of $1.1830, its strongest level in more than three years.'These agreed trade frameworks between the U.S. and major economies are certainly positive for risk sentiment,' said Carol Kong, currency strategist at the Commonwealth Bank of Australia.'We had expected the risk of a showdown between the U.S. and the EU… but it seems that risk has faded,' she the yen, the dollar dropped 0.3% to 146.01, continuing its slide against the Japanese currency for the fourth consecutive news of the trade agreement lifted local equities, lingering political uncertainty in Japan limited the yen's Prime Minister Shigeru Ishiba on Wednesday denied reports that he planned to resign, following claims from a source and media reports suggesting he intended to step down in the wake of a bitter defeat in the House of Councillors British pound was steady at $1.3581 after rising 0.36% in the previous U.S. dollar index slipped slightly to 97.15, while the New Zealand dollar edged up 0.11% to $ addition to trade talks, markets are also focused on the European Central Bank's interest rate decision, expected later on
Jordan News
2 days ago
- Jordan News
Trump Announces Trade Deal with Japan - Jordan News
Trump Announces Trade Deal with Japan Former U.S. President Donald Trump announced late last night that the United States has reached a trade agreement with Japan that includes the imposition of a 15% U.S. tariff on Japanese goods. اضافة اعلان In a post on his social media platform, Truth Social, Trump stated, "We have just signed a massive agreement with Japan — perhaps the biggest deal ever," noting that under the deal, "Japan will invest $550 billion in the United States, which will receive 90% of the profits." He added, "More importantly, Japan will open its markets to trade, including for cars, trucks, rice, some other agricultural products, and more." He pointed out that Japan will pay reciprocal tariffs to the United States at a rate of 15%. Trump has been under pressure to conclude trade agreements with America's trade partners, having promised to do so by August 1 — the deadline he had set before increasing tariffs on countries that fail to reach agreements with the U.S. This agreement follows other recent trade deals the United States has signed in the past few weeks with the Philippines, Indonesia, the United Kingdom, and Vietnam. — (Petra)
Roya News
2 days ago
- Roya News
Trump announces 'massive' Japan trade deal
Donald Trump announced Tuesday a "massive" trade deal with Japan, marking a key breakthrough for major US trade partners as they scramble to strike agreements before the end of the month. In an attempt to slash his country's colossal trade deficit, the US president has vowed to hit dozens of countries with punitive "reciprocal" tariffs if they do not hammer out a pact with Washington by August 1. The breakthrough makes Japan one of five countries to have signed an agreement -- along with Britain, Vietnam, Indonesia and the Philippines -- after Trump promised in April he would get "90 deals in 90 days". "We just completed a massive Deal with Japan, perhaps the largest Deal ever made," he wrote on his Truth Social platform. He said that under the deal, "Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits". He did not provide further details on the unusual investment plan, but said it "will create Hundreds of Thousands of Jobs". Japanese exports to the United States were already subject to a 10 percent tariff, which would have risen to 25 percent on August 1 without a deal. Duties of 25 percent on Japanese autos -- an industry accounting for eight percent of Japanese jobs -- were also already in place, plus 50 percent on steel and aluminium. Japanese Prime Minister Shigeru Ishiba said that the autos levy had now been cut to 15 percent, sending Japanese car stocks soaring, with Toyota and Mitsubishi up around 14 percent each. "We are the first (country) in the world to reduce tariffs on automobiles and auto parts, with no limits on volume," he told reporters. "By protecting what needs to be protected, we continued the negotiations with an aim to reach an agreement that meets the national interest of both Japan and the United States," Ishiba added. "In this agreement with President Trump, I think we were able to realise such an agreement." Rice imports However, Japan's trade envoy Ryosei Akazawa, who secured the deal on his eighth visit to Washington, said the 50 percent tariffs on steel and aluminium would remain. Akazawa also said that increased defence spending by Japan -- something Trump has pressed for -- was not part of the agreement. Trump said Tuesday that Japan has also agreed to "open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things". Rice imports are a sensitive issue in Japan, and Ishiba's government -- which lost its upper house majority in elections on Sunday -- had previously ruled out any concessions. Japan currently imports 770,000 tonnes of rice tariff-free under its World Trade Organization commitments, and Ishiba said it would import more US grain within this. Ishiba said Wednesday that the deal does not "sacrifice" Japan's agricultural sector. Tatsuo Yasunaga, the chair of Japan Foreign Trade Council welcomed the trade deal announcement but said the business community needed to see details to assess its impact. "I highly commend the fact that this major milestone has been achieved and dispelled the uncertainty that private companies had been concerned about," Yasunaga said. Naomi Omura, an 80-year-old voter, said it was "disappointing that Japan cannot act more strongly" towards the United States. Tetsuo Momiyama, 81, said that Ishiba "is finished... It's good timing for him to go." Reports claimed Wednesday that he aims to step down soon following the election debacle. China talks Trump has been under pressure to wrap up trade pacts after promising a flurry of deals ahead of his deadline. The White House on Tuesday also laid out details of a deal with Indonesia, which would see it ease critical mineral export restrictions and also face a 19 percent tariff, down from a threatened 32 percent. Trump also said that levies on the Philippines, another close strategic US ally, would be cut by one percentage point to 19 percent after hosting President Ferdinand Marcos. But negotiations are still ongoing with much larger US trading partners China, Canada, Mexico and the European Union. US Treasury Secretary Scott Bessent said Tuesday that he would meet his Chinese counterparts in Stockholm next week.
