TOKYO — One half down, another to go. The first six months of 2025 have been tumultuous, to say the least, as markets witnessed the start of a tariff war, escalating geopolitical tensions around the world and key elections.
Financial markets were especially volatile after U.S. President Donald Trump imposed “reciprocal” tariffs on virtually every country — and a few uninhabited islands — in early April. Stocks swooned, then recovered, while concerns over the U.S. economy prompted investors to shift away from U.S. assets, leaving the dollar significantly weaker.