The yen is gaining as trade tensions heat up

Thomson Reuters

FILE PHOTO-Employee of a foreign exchange trading company wears a jacket near monitors showing U.S. President-elect Donald Trump speaking on TV news, and the Japanese yen's exchange rate against the U.S. dollar (top R) in Tokyo

• Trade tensions between the US and China are heating up.
• The yen was up 0.35% against the dollar on Wednesday morning.
• Follow the yen in real time here.

The US dollar extended a string of losses against the yen Wednesday morning, as investors retreated to the safe-haven Japanese currency after a wave of tariff announcements between the world's two biggest economies.

The yen was up 0.35% to 106.26 per dollar at 8:55 a.m. ET.

After weeks of buildup, the US and China are quickly moving forward with imposing hefty import taxes on one another.

The Trump administration announced Tuesday evening a list of $50 billion worth of Chinese goods, in addition to steel and aluminum, that could be targeted by tariffs. The Chinese Ministry of Commerce fired back Wednesday morning, rolling out a list of retaliatory tariffs on $50 billion worth of US exports.

The yen is widely seen as a safe-haven currency and often gains at the dollar's expense during times of geopolitical tensions.

The yen is up 5.97% versus the dollar this year.

Markets Insider