 "Yen emerges as a clear currency-market winner")
President Donald Trump is touting the virtues of a trade war. In the $5.1 trillion-a-day currency market, the yen has emerged as a clear winner from the escalating rhetoric.
The latest move pushes forward the administration’s trade agenda, after it took similar actions on other goods this year and jawboned the dollar lower. The potential hit to US and global growth from protectionism has sent stocks lower, initially drove bonds higher and buoyed the yen. Investors and strategists are wagering there’s more of the same to come.
The unfolding events remind Chris Turner, global head of currency strategy at ING Groep
