The Japanese yen weakened toward 144 per dollar on Wednesday, pulling back from over three-week highs after US President Donald Trump threatened to impose a 35% tariff on Japanese imports in a bid to pressure Tokyo into making trade concessions.
Trump described negotiations with Japan as "really hard," once again criticizing the country's reluctance to accept cars and rice from the US. Meanwhile, domestic data released earlier this week showed a surprise uptick in business sentiment among large manufacturers in the second quarter, underscoring resilience despite mounting external headwinds.
Externally, the yen gained support from growing dovish expectations for Federal Reserve policy and market concerns over the inflationary impact of President Trump's tax-and-spending bill, which has weighed on the US dollar.
Source: Trading Economics
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