As mentioned yesterday, the focus at the moment is more on the economic destruction from Trump’s tariffs. That is outweighing concerns about higher inflation pressures that may come alongside it. As we look to end the week, broader markets are still keeping a more defensive approach. S&P 500 futures are down another 0.6% currently after a near 5% drop yesterday.

With yields continuing to trickle lower, that will continue to pin down Japanese yen pairs in general. USD/JPY is only slightly lower so far today, down 0.3% to 145.66. But we could see that start to see things pick up in European trading with one eye on the US jobs report later in the day.