The US dollar dropped sharply against the yen on Wednesday, falling to its weakest level since October 2. The fall followed an announcement from China's Finance Ministry that it would raise tariffs on US imports from 34% to 84%, effective April 10, in response to new US levies.
The announcement escalated tensions between the world's two largest economies, unsettling global markets, and making US premarket trading and oil shake.
The dollar traded 1.29% lower against the yen at 8:15 am ET, going for 144.32537.
