Bank of Japan Governor Ueda says US tariffs have raised uncertainty

Bank of Japan Governor Ueda says US tariffs have heightened uncertainty for the global economic outlook

• BOJ tankan showed some manufacturers saw hit from U.S. tariffs, sluggish Chinese & overseas demand
• March BOJ tankan also showed improvement in non-manufacturers’ business sentiment reflecting Japan’s moderate economic recovery
• Taken together, we see Japan business sentiment in good shape
• March tankan underscored our view Japan’s economy recovering moderately
• Due to survey period, March tankan may not have fully incorporated impact of US tariff announcements

Trump hadn’t imposed tariffs on Japan prior to April 2, so perhaps Ueda is referring to the ‘front running’ impact (increased production and export ahead of expected tariffs).

Ueda spoke earlier also:

• BoJ Gov Ueda says US tariffs likely to exert downward pressure on Japan, global economies

Yen update, continuing its swings, but nothing like yesterday:

This article was written by Eamonn Sheridan at www.forexlive.com.