The yen experienced a downturn on Friday as Japan’s union wage discussions concluded, and the British pound also dipped following signs of UK economic stress. Investors are grappling with ongoing trade problems and fears of economic deceleration.
The Japanese yen, which hit a five-month high earlier this week, slipped to trade at 149.02 against the dollar. This comes after Japanese firms agreed to a significant 5.46% wage increase, although not quite meeting the union’s 6% target.
The currency market remains volatile with further concerns due to trade tensions between the U.S. and EU, coupled with uncertainties in the global economy. Meanwhile, Australia and New Zealand’s dollars gained slightly, buoyed by expected Chinese economic stimulus measures.
(With inputs from agencies.)
