Yen Near 40-Year Low as USD/JPY Approaches Key 162 Level, Raising Intervention Concerns 
Asian Stocks Slip as Oil Rebounds Amid Fed Rate Hike Fears 
China’s AI Manufacturing Boom Masks Weak Consumer Economy, Citi Says 
Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed 
Dollar Holds Firm as U.S.-Iran Talks Ease Tensions, GBP/USD Slips Amid UK Political Uncertainty 
Wall Street Ends Mixed as Alphabet Slumps, Middle East Developments and Fed Outlook Weigh on Markets 
Japan, U.S. Discuss Yen Weakness as Currency Intervention Concerns Grow 
Russian Stocks End Flat as MOEX Index Hits New 52-Week Low 
Trump Says No Hormuz Strait Tolls During 60-Day Iran Ceasefire 
Canada, British Columbia Launch $5 Billion Infrastructure Partnership to Boost Housing, Transit, and Healthcare 
Italy’s Economy Outpaces Eurozone Peers as Investment Spending Fuels Growth 
Canada Imposes 10% Tariff on Canned Vegetable Imports to Protect Domestic Industry 
South Korea Stocks Tumble as AI-Fueled Rally Faces Profit-Taking Pressure 
Oil Prices Fall as Iran Peace Talks Progress, Hormuz Reopens, and U.S. SPR Hits 1983 Low 
New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
Japan Keeps Markets Guessing as Yen Nears 40-Year Low, Raising Intervention Risks 
Asian markets tumbled Monday, with U.S. equity futures pointing sharply lower after President Donald Trump imposed tariffs on Canada, Mexico, and China. Concerns over a trade war and its economic fallout sent the U.S. dollar surging to record highs against the Chinese yuan, Canadian dollar, and Mexican peso.
Japan’s Nikkei fell 2.3%, while Australia’s benchmark dropped more than 2%. Hong Kong markets opened later, and mainland Chinese exchanges remained closed for Lunar New Year. S&P 500 futures declined 1.7%, while Nasdaq futures slumped 2.5%.
Trump imposed a 25% tariff on Canada and Mexico and a 10% levy on China, citing illegal immigration and drug trade concerns. Canada and Mexico announced immediate retaliatory measures, while China vowed to challenge the tariffs at the World Trade Organization. The tariffs, set to take effect Tuesday, could trigger a global trade war, with analysts warning of inflationary pressures and economic slowdowns.
EY’s chief economist Greg Daco projected U.S. growth could shrink by 1.5 percentage points, pushing Canada and Mexico into recession. Barclays estimated a 2.8% earnings hit for S&P 500 companies.
The U.S. dollar climbed 0.7% to 7.2552 yuan offshore, reaching a record 7.3765 earlier. It also gained 2.3% against the Mexican peso and 1.4% versus the Canadian dollar, hitting its highest level since 2003. The euro dropped 2.3% to $1.0125, and the yen lost 0.2% to 155.53 per dollar.
Bitcoin fell 5.8% to a three-week low of $96,191.39. Meanwhile, oil prices rose, with WTI crude up 2.4% to $74.27 per barrel and Brent crude gaining 1% to $76.40.
