Sharp Decline in US Dollar Value

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

Global Market Reactions

The escalation in trade tensions between the two largest economies has sent shockwaves through global markets. The announcement led to unsettled conditions, notably affecting US premarket trading and causing volatility in oil prices.

Current Exchange Rate

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