President Donald Trump and President Xi Jinping met at the White House on September 24, 2026, US time. The announcement pointed to further trade and investment talks, but it did not mean that tariff cuts took effect immediately. Market reactions therefore need to be assessed alongside other factors moving currencies.
What was announced?
According to a September 25 White House fact sheet, the two governments agreed to advance a framework for trade and investment discussions. Each side proposed more favorable tariff treatment for about $30 billion of goods considered to raise limited national-security concerns. They also discussed agricultural market access and continued talks on critical minerals and rare earths. These were proposals and talks; implementation details still matter.
What happened to currencies?
Bank of Japan foreign-exchange data show USD/JPY around ¥158.83–84 at 9 a.m. Japan time on September 25 and ¥158.09–11 at 5 p.m. That was roughly a 74-sen move toward a stronger yen during that interval. The move cannot be attributed solely to the leaders’ meeting: Japanese comments on yen weakness, US interest-rate expectations and oil prices were also relevant. The offshore renminbi traded around CNY 6.72 per US dollar without a clear directional move, according to market reporting cited in the Japanese article.
What should investors watch?
First, whether the proposed tariff treatment is implemented and on what terms. Second, whether trade talks continue without new tariff or export-restriction disputes. Third, for USD/JPY specifically, US yields, Bank of Japan policy and Japanese officials’ currency comments. An easing of trade tension may support sentiment, but the effect on any particular exchange rate is uncertain.
This English summary reflects information available on September 26, 2026. It describes developments and does not predict prices or provide investment advice. Primary sources and further detail are linked in the Japanese version of this article.
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