The yen strengthens against the trend as traders bet that Trump's first wave of tariff attacks will "not stir up much of a storm."
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The yen is the only currency among the G10 that has appreciated against the dollar, as traders bet that Trump's tariff offensive will not prevent the Bank of Japan from raising interest rates. Trump announced a 25% tariff on goods from Canada and Mexico starting February 1, leading to a general rise in the dollar, but the yen still rose 0.5% against the dollar. Market expectations for a rate hike by the Bank of Japan have reached 92%, with most economists predicting that the hike will be implemented at the end of this week's meeting
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