The USD/JPY currency pair gyrated wildly today as President Trump and Japanese Prime Minister Shinzo Abe held a joint press conference in the White House.
The Japanese yen shot up close to 0.6 percent against the dollar as Trump and Abe spoke about strengthening economic ties between the United States and Japan.
By the end of the press conference, around 1:35 EST, the USD/JPY currency pair hit a daily low of 112.86 (-0.61%).
By 2:15 EST - about 45 minutes following the end of the conference - the Japanese yen had given up its initial gains and the USD/JPY was back up to 113.55 (+0.61%):
As currency markets closed on Friday, the USD/JPY Forex pair ended at 113.20 - a gain of 0.04 percent for the Japanese yen.
During the conference, Prime Minister Abe explained how Japanese companies will be contributing to President Trump’s domestic growth strategy, “There will be even more new jobs being born in the United States,” said Abe.
“This will be a big chance for both Japan and United States, but of course it must be done in a fair manner,” Abe added.
During a Q&A session with members of the press, President Trump reinforced his promise to bring manufacturing jobs back to the United States, saying:
“We’ve lost a lot of our factories, a lot of our plants, and those factories and those plants will be coming back, and job will be coming back to Michigan, Ohio, Pennsylvania and North Carolina, and so many other places.”The President also mentioned his upcoming tax bill, which is set to lower taxes for corporations, and individuals in certain tax brackets.
The two leaders will travel to Trump’s Mar-A-Lago resort in Florida, where they will spend the weekend with their wives.
Japanese banknotes photo by Japanexperterna
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