The Japanese yen strengthened to around 143.5 per dollar on Monday, marking its third consecutive session of gains as renewed global trade concerns fueled demand for safe-haven assets. The move followed comments from US President Donald Trump late Friday, in which he threatened to double tariffs on steel and aluminum imports to 50% starting June 4. The announcement pressured Japanese steelmakers, with JFE Holdings and Kobe Steel facing potential headwinds. Nippon Steel was less affected, supported by Trump’s positive remarks on its planned merger with US Steel. Tensions also escalated between Washington and Beijing, as China rejected Trump’s accusation that it had violated a recent trade agreement reached in Geneva. On the domestic front, Japan reported stronger-than-expected capital expenditure growth in Q1, driven by both manufacturing and non-manufacturing sectors—a sign of continued investment momentum despite global uncertainty.