The Japanese yen remained firm around 154 per dollar on Tuesday, up about half a percent so far this week, as US President-elect Donald Trump threatened additional tariffs on China, Mexico, and Canada, dampening global risk sentiment.
The yen also gained support from Trump's nomination of Scott Bessent as US Treasury Secretary, which provided a sense of stability in the markets and led traders to scale back their "Trump trades."
Domestically, investors are focused on upcoming inflation data from Tokyo, which is seen as a leading indicator of nationwide price trends. On the monetary policy front, Bank of Japan Governor Kazuo Ueda recently hinted at the possibility of another interest rate hike as soon as December, citing concerns over the yen's recent weakness.
Source: Trading Economics
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