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Japan & S Korea Stir the Asian Market

Japan’s recent coordination with South Korea stirred the Asian market, pushing the US dollar’s safe-haven currency upwards.

The CNY/JPY pair slid 0.44% at ¥15.4983, USD/JPY slipped 0.21% at ¥108.73, and EUR/JPY went down 0.23% at ¥120.28. The greenback and yuan inched upward against the yen when the US showed signs of trade hopes with the Chinese.

The Japanese yen jumped up against the Korean won by 0.19% at ₩10.6668. 

Other currencies in the Asian market offered mixed signals in risk appetites.

Chile faces human rights protests as the Chilean peso rose against the US Dollar by 0.11% at $740.20. Reports claim Chilean elites refuse to listen to the protesters. 

The Thai Baht increased against the Chinese yen at 0.19% at ¥0.2314. Thailand’s central bank approved its long-awaited second rate cut this year at 1.25% as expected.

JPY previously slumped against the American dollar when reports claimed China was pushing the US to remove more tariffs. Expectations count on the tariff rollback as a sign of permanency for their truce.

S Korea-Japan Unplanned Meeting Sparks Optimism

South Korea and Japan took center stage in the Asian market when the rivals held an impromptu meeting last Monday. Security elites look forward to possibly finalizing the General Security of Military Information Agreement soon.

The East Asian and Pacific Affairs Assistant Secretary David Stilwell met South Korea’s National Intelligence Service head, Suh Hoon, last weekend. He claims that Suh suggested SK’s government could reconsider its decision to withdraw from GSOMIA. 

Former Japanese Defense Minister Takeshi Iwaya said security was an immediate concern. He claimed their relationship with South Korea should be treated separately from the matter at hand.

Furthermore, he declared an agreement between the US, Japan, and South Korea, involving trust to share military information, which was “symbolic.” 

Meanwhile, the Japanese Foreign Minister Toshimitsu Motegi said investors should not overestimate the 11-minute ASEAN conversation. The two countries were still at their worst state in decades.

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