The Japanese yen experienced an uptick yesterday, with gold prices reaching a new high due to prevailing uncertainty surrounding U.S. tariffs, casting a shadow over inflation and economic growth prospects in the United States.

This has led investors to retreat from riskier assets and the dollar.

Market sentiment has become increasingly tense ahead of a new round of counter-tariffs expected to be announced by the White House on Wednesday.

U.S. President Donald Trump stated late Sunday that tariffs would be imposed on nearly all countries this week, although he did not provide specific details.

The yen rose to 148.7 yen per dollar during trading and recorded an increase of 0.37%, settling at 149.280 yen per dollar.

The Japanese currency had previously risen by 0.82% on Friday following U.S. data that indicated a higher-than-expected core inflation rate last month, intensifying recessionary fears.

The euro dipped by 0.11% to 1.0821 dollars, although it is expected to see an increase of approximately 4.5% this quarter, marking its largest rise since the third quarter of 2022, buoyed by financial reforms in Germany.

The U.S. dollar index, which measures the performance of the dollar against six major currencies, held steady at 104.01. The British pound gained 0.19% to reach 1.2955 dollars and is projected to record a monthly increase of around 3%, its best performance since November 2023. Conversely, the Canadian dollar fell to 1.4347 per U.S. dollar while the Mexican peso weakened to 20.3808 per dollar.

The Australian dollar declined by 0.6% to 0.6252 dollars ahead of the Reserve Bank of Australia’s monetary policy meeting scheduled for today.