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 direct response to new US levies.

Global Markets React to Rising Trade Tensions

The escalation in trade tensions between the world's two largest economies has sent shockwaves through global markets. The announcement not only unsettled investors but also led to a noticeable impact on US premarket trading and oil prices, highlighting the interconnectedness of global economies.

Current Exchange Rates

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