US Dollar Hits Lowest Level Against Yen Since October

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 countermeasure to new US levies.

Global Markets React to Escalating Trade Tensions

The move has intensified the trade war between the two largest global economies, causing unease across worldwide markets. The repercussions were felt in US premarket trading and the oil sector, both of which saw notable volatility following the announcement.

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