investingLive Asia-Pacific FX news wrap: Yen plunge continues

The FX markets are dominated by renewed yen weakness as USD/JPY hits a one-year high at around 158.25. Japan's Finance Minister Satsuki Katayama raised concerns about one-sided yen moves with U.S. Treasury Secretary Scott Bessent; however, the brief bounce in the yen quickly faded. As a result, the dollar continues to strengthen, and various cross-yen pairs are setting new highs, with GBP/JPY reaching 213.20, EUR/JPY at 185.02, and CHF/JPY touching 198.90, all milestones last seen years ago. Concurrently, Japanese equities are thriving on the weak yen, with the Nikkei 225 surging to a historic peak. The market is maintaining an outlook of further yen weakness, amidst warnings from the government about sharp depreciation. Economically, there is rising policy uncertainty, especially following President Trump's threat of a 25% tariff on countries engaging with Iran, which adds anxiety to the global trading landscape. The ongoing movements of the yen remain a focal point for investors and may impact future market conditions significantly.