The Japanese yen appreciated past 146 per dollar on Wednesday
The Japanese yen appreciated past 146 per dollar on Wednesday, rising for the second straight session as the implementation of US President Donald Trump’s sweeping tariffs boosted demand for safer assets. The currency also benefited from a general weakness in the dollar as Trump’s escalating global trade war fueled concerns about a potential US recession that could lead to further Federal Reserve interest rate cuts. The latest US tariffs would include a 24% levy on Japanese goods and a 25% duty on car imports to the US. Meanwhile, Trump said that Japan is sending a team to negotiate on trade with the US, while Prime Minister Shigeru Ishiba revealed that he told Trump in a phone call to rethink his tariff policies. On the domestic front, Japan’s current account surplus surged to a record high in February, driven by strong export growth and a decline in imports, adding further support to the yen.
Source: Trading Economi