USD/JPY slides with Nikkei 225 as Trump tariff fallout ravages markets

The fallout from the US trade tariffs announced last night and covered here has sent further shockwaves around the markets. The slide in US equity futures has spread across the Asian markets. Everything is in the red this morning and none more so than the Nikkei 225. That in turn has sent the USD/JPY spiralling lower as the Yen gains. The USD/JPY has tracked the Nikkei lower. The dollar had closed in the US last night at 149.28 after initially rising close to 150.50, when  the markets got in front of the true detail about these tariffs and were subsequently badly wrong-footed. Well, the USD/JPY has fallen to a low at 147.12 this morning, even as the USD/CNH moves in the opposite direction. It is off that low right now though. The current 2025 low was set back on March 11, at 146.54 and clearly that is a level that is now very much on the radar today. The USD/JPY is right now at 147.49