The Japanese yen saw a volatile price swing against the dollar following Donald Trump’s inauguration  on January 21.

The yen appreciated in the foreign exchange market from the night of January 20 and rose to 154-yen-to-dollar levels shortly after 9AM on January 21.

However, the currency dropped by more than 1 yen after Trump said he was considering a 25 percent tariff on imports from Canada and Mexico starting February 1.

Nippon Steel Corporation President Imai Tadashi told Nippon TV on January 21  that his proposal is in line with Trump’s policy.

Nippon Steel President Imai Tadashi / What we are proposing with regards to the acquisition of U.S. Steel is in line with the policies mentioned by President Trump. I hope more people will understand that.

The lawsuits filed by Nippon Steel and U.S. Steel, following former President Joe Biden’s order to block their acquisition deal, is scheduled to begin soon.

Imai emphasized that his company is concentrating on the lawsuit.