Dollar/yen fell to the 145 range as a risk-averse yen buying due to the aversion to mutual tariffs.

【4/3Market Overview

Tokyo time, President Trump’s “mutual tariffs” (a universal basic tariff of10% on all imports) and Japan24%, the European UnionEU)20%, China34% etc.) soured the mood, sending the Nikkei to a sharp decline; as the U.S. 10-year yield fell sharply in after-hours, the USD/JPY dropped to as low as146.93yen. In European trading hours, as European and U.S. stock markets trended weakly, risk-off sentiment intensified, leading to yen buying and dollar selling.NY time,3 months U.S.ISM Non-Manufacturing PMI disappointed to the downside, causing U.S.10year Treasury yields to fall, and the USD/JPY dropped to145.19yen. Subsequently, USD/JPY briefly recovered to146.51yen but remained soft.

【4/4Market View