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The Standard Chartered analysts offer their outlook on the USD/JPY pair, in the event of a full-blown US-China trade war.

Key Quotes:

“See a full out trade war as the US applying 25% tariffs on remaining Chinese goods and then countermeasures from China.

Haven currencies should benefit.

Thus a rapidly higher USD, but also Yen.

USD/JPY seen lower towards 100.”

However, a ‘cold deal’ with wariness persisting on both sides) between the US and China in the third quarter. This will halt tariff escalations.”