China's Commerce Ministry: US and China have agreed to cancel existing tariffs in different phases

China's Commerce Ministry was out with a statement in the last hour, saying that the US and China have agreed to cancel existing tariffs in different phases. If China and the US reach phase one trade deal, both sides must cancel existing tariffs at the same time, in the same proportion based on agreement. We remain in close communication with the US and hope both sides appropriately address each others concerns.
 
The comments helped ease trade uncertainty and weighed on the Japanese Yen's perceived safe-haven status, helping the USD/JPY pair to recover a major part of its early slide and climb back closer to the 109.00 handle.