The yen is on track for its longest losing streak in more than a month amid heightened concerns Japan may be included in U.S. President Donald Trump’s tariff plan.
Japan’s currency dropped as much as 0.8% to ¥153.73 against the dollar on Wednesday, its weakest level in a week and lagging all major peers. That’s in contrast from last week, when the currency had its fourth straight gain for the period as traders bet that the Bank of Japan (BOJ) will raise rates again and the yen showed haven appeal.
The yen slid as Trump announced that he plans to impose 25% tariffs on all U.S. imports of steel and aluminum. The Japanese government asked Trump on Wednesday to exempt the nation’s companies from his fresh tariffs, trade minister Yoji Muto told reporters.
