Russian Airstrikes Resume, Trump Tariffs Pressure Businesses, and Gold Surges — Nikkei Falls Ahead of BOJ as Global Markets Close| Market Commentary for April 20, 2025

On April 21, 2025, the Nikkei 225 fell 1.3% from the previous day. As the impact of Trump’s tariffs on corporate activity began to surface, geopolitical tensions flared up again with Russia resuming airstrikes. Concerns in the bond market remain unresolved, driving gold prices up sharply toward the $3,400 level as investors seek safety. With most major global markets closed for the day, Japan’s market moved in a risk-off mood. The key level of 34,000 yen is now being tested, and attention is turning to whether the U.S. market can bounce back amid this uncertainty. With the Bank of Japan’s upcoming policy meeting and scheduled talks between BOJ and government officials, today became a moment to calmly assess what the market is starting to price in. ___ I am Japanese. English Version.