Japanese Yen surges against US Dollar as Trump confirms two-week ceasefire

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The Japanese Yen (JPY) trades significantly higher against the US Dollar (USD) on Wednesday, with the USD/JPY pair sliding 0.75% to near 158.40 during the Asian trading session.

The Japanese Yen outperforms the US Dollar on the US-Iran temporary ceasefire.
Iran said that negotiations on the 10-point proposal with the US will begin on April 10.
A sharp decline in the oil price has improved the appeal of the Japanese Yen.

The Japanese Yen (JPY) trades significantly higher against the US Dollar (USD) on Wednesday, with the USD/JPY pair sliding 0.75% to near 158.40 during the Asian trading session. The pair faces intense selling pressure as demand for safe-haven assets has diminished, following the announcement of a two-week ceasefire between the United States (US) and Iran.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.68%	-0.82%	-0.76%	-0.34%	-1.15%	-1.62%	-0.95%
EUR	0.68%		-0.15%	-0.09%	0.32%	-0.47%	-0.98%	-0.29%
GBP	0.82%	0.15%		0.04%	0.49%	-0.30%	-0.80%	-0.14%
JPY	0.76%	0.09%	-0.04%		0.42%	-0.37%	-0.85%	-0.19%
CAD	0.34%	-0.32%	-0.49%	-0.42%		-0.79%	-1.26%	-0.62%
AUD	1.15%	0.47%	0.30%	0.37%	0.79%		-0.49%	0.17%
NZD	1.62%	0.98%	0.80%	0.85%	1.26%	0.49%		0.66%
CHF	0.95%	0.29%	0.14%	0.19%	0.62%	-0.17%	-0.66%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

During the press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, is down 0.54% to near 99.00. S&P 500 futures rally almost 2.5% to near 6,777, signifying upbeat market sentiment.

Earlier in the day, US President Donald Trump announced a suspension of planned attacks on Iranian civilian infrastructure for two weeks, through a post on Truth.Social, as Tehran agreed to reopen the Strait of Hormuz, a critical gateway to almost 20% of global oil supply. Trump added, “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.”

Meanwhile, Iranian officials have also acknowledged the Hormuz reopening and have stated that negotiations on the 10-point proposal with the US will begin on April 10 in Islamabad. Tehran clarified that the 10-point proposal includes controlled transit through the Hormuz coordinated with Iranian armed forces, ending the war against Iran and allied groups, and withdrawal of US combat forces from all regional bases.

The temporary ceasefire announcement between the US and Iran has resulted in a sharp decline in the WTI Oil price, which is down over 10% around $90.00. Lower oil prices bode well for currencies from economies like Japan, which rely heavily on oil imports to meet their energy needs.

Going forward, investors will focus on the US Federal Open Market Committee (FOMC) minutes of the March policy meeting, which will be published later in the day.

Economic Indicator

FOMC Minutes

FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.

Why it matters to traders?

Minutes of the Federal Open Market Committee (FOMC) is usually published three weeks after the day of the policy decision. Investors look for clues regarding the policy outlook in this publication alongside the vote split. A bullish tone is likely to provide a boost to the greenback while a dovish stance is seen as USD-negative. It needs to be noted that the market reaction to FOMC Minutes could be delayed as news outlets don’t have access to the publication before the release, unlike the FOMC’s Policy Statement.

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