The Japanese yen appreciated to its highest level in six months, reaching 143.99 yen per US dollar on April 9, 2025, amid escalating US-China trade tensions. The currency's strength was attributed to its safe-haven status as investors reacted to concerns over the intensifying trade war. On April 11, the yen continued its upward trajectory, briefly touching 142 yen per US dollar, marking a new high for the year. The appreciation was driven by fears of global economic slowdown due to heightened tariffs between the US and China, which have now reached 145% on certain goods. The stronger yen contributed to a sharp decline in Japan's stock market. The Nikkei 225 index fell by over 1,900 points at one point, hitting an intraday low of 32,711.65, before closing 1,023 points lower at 33,585.58. The TOPIX index also dropped 2.85%. Export-heavy sectors were particularly affected as the stronger yen reduced the value of overseas earnings.