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The governor of the Bank of Japan said the central bank will carefully analyze how US tariffs affect the economy when making monetary policy decisions.
“U.S. automobile and mutual tariffs have increased domestic and international economic uncertainty,” Mizutagawa told Congress Wednesday.
We will continue to carefully analyze how tariffs affect Japan’s economy and prices through various channels.
The Bank of Japan (BOJ) last year ended its radical stimulus program and raised interest rates to 0.5% in January in January, stating that Japan was able to meet its 2% inflation target, Reuters reported.
Trump’s decision to impose drastic tariffs around the world, including Japan, complicates BOJ’s plans to continue to raise interest rates from low levels.
“We will examine development”: Governor Midorida, Governor of the Bank of Japan.
Photo:Yoshio Tsunoda/aflo/rex/shutterstock
Ueda said BOJ’s past decision to raise interest rates has been made focusing on underlying inflation and is gradually accelerating to 2%. The decision was based on the view that by removing current excess financial support, BOJ avoids sharply rising to combat the high rate of inflation later, ensuring that Japan’s economy achieves sustainable growth.
When asked by lawmakers to provide a stronger language that promises to combat economic headwinds from Trump’s tariffs, Zieda said there is still uncertainty about how US trade policies will unfold.
It scrutinizes developments and analyzes how they affect the economy, prices and markets, and comes up with solid forecasts.
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Updated with 21.16 EDT
Australian stocks plummet 2%
Details of Jonathan Barrett of Australia’s stock market fall today:
Australian stocks fell sharply by 2% in the minutes of trading this morning, sweeping out yesterday’s bounce, exacerbating hopes that the world’s two biggest economies will attack the trade deal.
The sudden price movement is expected to hit China with additional tariffs as the US comes into effect shortly after 2pm (Australian east standard time).
Taking into account past announcements, Chinese goods entering the US face 104% tariffs as part of Donald Trump’s new trading regime. An IG analyst warned on Wednesday that Australia’s economy will face trade barriers, saying:
If China delves into it, tariffs on imports into the US will rise to an astounding 104%, a disastrous consequence of Australia’s trade-dependent economy, another potential catalyst for wider risk aversion.
The Australian Benchmark Share Index fell below 7,350 points at the start of trading today, returning to the level that was closed on Monday. This was the worst trading day in almost five years.
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Updated with 21.18 EDT
Today’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect over the weekend.
US customs agents began collecting unsolved tariffs at US ports, airports and customs warehouses on Saturday. Today’s measures are higher collection of goods from 57 large trading partners.
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Updated with 21.03 EDT
Nikkei blows 3% as Koreans win the waterfall
Japan’s major stock index fell in early trade on Wednesday as concerns about the US-China trade war killed a rebound rally on Wall Street.
Meanwhile, South Korea’s currency has fallen to its lowest level against the dollar since 2009, but oil prices fell 3% in early Asian trade.
In Tokyo, the Nikkei 225 was just over 3%, with the wider Topix index being 3.1% off.
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Updated with 21.03 EDT
Now more information from Australia: The country’s top economic and financial regulators are about to hold a snap meeting to talk about the impact of Donald Trump’s tariffs.
The high-power meeting convened by Australian treasurer Jim Chalmers, was held Wednesday and reportedly includes the head of the central bank and head of the watchdogs of banks, business and consumers.
Former Australian US ambassador, Arthur Sinozinos, told nine television shows.
“Look, we are a measure of confidence building that brings together the best brains and figures out how to diversify the market, adjust the economy, and how to prepare for this.
That’s what you expect the government to do.
New modelling from Australia’s Treasury Department suggests that the world trade war will not lead the country’s economy to a recession. But Chalmers says he is realistic about the “substantial” risks to growth from US tariffs, while also saying he is “placed and ready” more than others.
Australian treasurer Jim Chalmers. Photo: Dean Lewins/Aapshare
Updated with 20.50 EDT
Amy Hawkins
If you’ve ever purchased Christmas decorations, buttons, electric shavers or other inexpensive products, you could have come from Yiwu, a city in Z Jiang Province in eastern China, home to the world’s largest wholesale market.
Tens of thousands of suppliers have booths in Yiwu International Trade City, covering more than 4 million square meters.
The US and China are vendors in places like Yiwu who are trading increasingly hysterical rhetoric, threatening higher tariffs, and at the forefront of a new trade war. And while sellers have reduced exposure to the US, they fear the effects of the global economic shock.
Read the full story here:
Sales representative for Yiwu wholesale market in China. Photo: Andrea Verdelli/Getty Imageshare
Updated with 20.32 EDT
Australia’s S&P/ASX 200 index fell from 2.1% this morning to 7,351.20 points, Reuters reported.
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Updated with 20.22 EDT
Australian stock market is set to burst amid tariff tensions
Jonathan Barrett
Australian stocks are poised to fall sharply today as Donald Trump pushes for plans to strike China with huge retaliatory tariffs.
When the S&P/ASX 200 opened a while ago and erased yesterday’s rebound, futures prices were pointing to a sudden 2% loss.
The expected price movement will push the benchmark back below 7,350 points, pushing up the level that was closed on Monday after the market struggled with its worst trading day in five years.
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Updated with 20.17 EDT
Trump’s tariffs could slice Asian growth development – Report
Full implementation of US tariffs could reduce Asian growth rates by about a third of this year, almost all points in 2026, the Asian Development Bank said Wednesday.
In its Asian Development Outlook Report, ADB predicted that growth in developing Asia will be slightly easing in 2025 to 4.9%, the slowest pace since 2022, slowing from 5.0% in 2024 to 4.7% in 2026.
ADB was finalised before the US announced new import duties last week, ADB said at a press conference to release its report.
“The elephant in the room is clearly whether US tariffs will be fully implemented, and that will slow the growth of our baseline forecast,” said Albert Park, chief economist at ADB.
The development of Asia, defined by ADB, consists of 46 Asia-Pacific countries ranging from Georgia to Samoa, excludes countries such as Japan, Australia and New Zealand.
Park said the ultimate impact of US tariffs remains uncertain as negotiations, delays or exemptions may vary in scope and timing.
Conversely, retaliation can be stronger and further escalation can have a greater impact. Furthermore, while the scale and speed of policy changes under the new US administration could reduce global and regional investments, rising trade tensions and fragmentation could promote trade costs and disrupt global supply chains.
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Updated with 20.12 EDT
Japan’s average futures have fallen by 3.4% in early trade, the report said.
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Updated with 20.02 EDT
With the global upheaval from Donald Trump’s tariffs ongoing, here is a brief summary of some of the other latest developments:
The Canadian Prime Minister said retaliation 25% tariffs on some American cars in Canada will come into effect at 12.01 ET tonight. “President Trump has caused this trade crisis and Canada is responding with purpose and force,” Mark Carney said in a social media post Tuesday. The tariffs apply only to vehicles that are not yet covered by the US-Canada Free Trade Agreement.
Trump dismissed criticism of tariffs at a White House event to boost US coal production, claiming that the US is making $2 billion a day from tariffs. “America will soon be very rich again,” he said.
Donald Trump arrives at the White House executive order signing ceremony on Tuesday. Photo: Al Drago/Upi/Rex/Shutterstock
The Trump administration has claimed that the phone is ringing as the country is trying to negotiate with the US on tariffs and trade. White House spokesman Karoline Leavitt claimed that almost 70 countries are reaching out to launch negotiations. Earlier on Tuesday, Trump made a “great call” with South Korean representative president Han Duck So, saying they discussed more than just a trade issue. It was also confirmed that Italian Prime Minister Giorgia Meloni will travel to the US next week on April 17th for tariff consultations with Trump.
The Trump administration has made it clear that it is not just interested in talking about tariffs with other countries to “level the playing field” for US companies trading overseas. US trade representative Jamieson Greer told Congress Tuesday that the country must also lower the standards, tests and regulations the US considers to be blockage. For example, there is limited access to beef and pork exports to Australia, shellfish to the EU, and Japanese agricultural markets.
Elon Musk reportedly made several pushes to try to set the president back down his tariff agenda. But his failure to listen to Trump is evidence of some observers’ evidence that the rift between the US president and the world’s wealthiest. Asked about the insulting feud between Musk and top trade advisor and tariff planning architect Peter Navarro (the latest musk is called “the idiot”), Leavitt said, “The boys will be boys.”
Trump’s billionaire adviser Elon Musk reportedly made several pushes to try to set the president back down his tariff agenda. But his failure to listen to Trump is evidence of some observers’ evidence that the rift between the US president and the world’s wealthiest. Asked about the insulting feud between Musk and top trade advisor and tariff planning architect Peter Navarro (the latest musk is called “the idiot”), Leavitt said, “The boys will be boys.”
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Updated with 19.59 EDT
Opening Summary
Hello, welcome to our live business blog. Donald Trump’s global tariffs are scheduled to go into effect Wednesday.
The US President appears poised to promote measures against imports from almost every country in the world into the United States. The US will also advance to impose an astounding 104% tariff on China from 12:01am on Wednesday (12.01pm China standard time).
Trump’s tariffs are expected to take effect at 2pm in Australia, so Asian markets can show how things could be received.
After an early rally in the global stock market, Wall Street was closed after another session of sudden losses, as our hopes delay or concession prior to the midnight ET deadline.
The S&P 500 fell 1.6% after sweeping out its early gain of 4.1%. This put the index nearly 19% below the February record set. The Dow Jones industrial average fell 683 points (1.8%) after giving up an early surge of 1,460 points. Nasdaq composites fell by 3.2%.
You may see different bumpy days on stock markets around the world. Follow the latest news, reactions and analysis.
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Updated with 19.49 EDT
