US Dollar Hits New Low Against Yen

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 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 heightened tensions between the two largest economies, causing unease in global markets. The impact was immediately felt, with US premarket trading and oil prices experiencing notable shakes.

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