05/12/2025 21:34

Release： 05/12/2025 21:34

Update： 05/12/2025 21:34

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The United States and China agreed to a substantial reduction in tariffs, and the dollar-yen rate rose to the 148 yen level.

【5/12Market Overview

In Tokyo time, as reports indicated that there had been notable progress from both sides in the US-China trade negotiations held over the weekend, and that a joint statement was expected to be issued on the 12th, the dollar/yen rose on expectations of easing trade frictions, breaking above last Friday’s high of146.19yen and rising to146.27yen. In European hours, the joint statement from the US and China stated that they would drastically cut tariffs on Chinese goods from90days, from145% to30%, and on US goods from125% to10%. As concerns about the deterioration of the world economy due to trade frictions eased, after-hours NY Dow futures and Nikkei futures surged. With a risk-on flow, dollar/yen rose to148.59yen.NYtime,NYDow Jones Average rose by more than1100points. Also buoyed by rising 10-year U.S. Treasury yields, dollar/yen reached148.65yen and hit the highest since4/3.