Yen tests 2-week high against dollar on US-Japan trade deal

The Japanese yen tests near a two week high against the dollar on Wednesday after U.S. President Donald Trump announced a trade deal with Japan, bolstering optimism for more agreements ahead of an impending tariff deadline. Trump said that Japan will be subject to reciprocal tariffs of 15% and will open their country to trade, including cars and trucks, rice, and certain other agricultural products. The yen hit its strongest level since July 11 near 146.77 per dollar on the trade news. Dollar index lingering around two week low also provided support for the Japanese currency. However, media reports that Japan's Prime Minister Shigeru Ishiba will resign as early as this month add a layer of uncertainty and limits gains in the local unit. USDJPY pair is currently quoting at 146.89, but coming off the days high.

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