US Dollar Hits New Low Against Yen

The US dollar experienced a sharp decline against the yen on Wednesday, reaching its weakest point since October 2. This significant drop was triggered by China's Finance Ministry announcement to increase tariffs on US imports from 34% to 84%, effective April 10, as a direct response to new US levies.

Global Markets React to Escalating Tensions

The announcement has further strained relations between the world's two largest economies, causing unrest in global markets. The repercussions were immediately felt, with US premarket trading and oil prices experiencing notable volatility.

Current Exchange Rate

At 8:15 am ET, the dollar was trading 1.29% lower against the yen, at a rate of 144.32537.