After Donald Trump’s “liberation day” tariffs led to a weaker dollar last year, expectations rose of an “FX avalanche” of Asian exporters’ currencies rapidly appreciating.
Instead, the opposite has happened, with Japan’s yen and South Korea’s won trading around multi-decade lows, while Taiwan’s dollar has given up most of its gains against the US currency after a sharp appreciation in May.
Weakness in the yen and won has become such an issue that US Treasury secretary Scott Bessent has publicly expressed concerns over their depreciation. Since Friday, the yen has surged on speculation that the US and Japan are lining up co-ordinated intervention in the currency.
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