The yen was hit lower on the news that There are some reports that Trump is going to hit Japan with an extra 15% tariff, yen hitJapanese media, Kyodo, has the worrying news. All this week we've been getting back tracking (TACO?) on the US-Japan "deal", that is NOT a deal at all:Monday:Akazawa, said trade agreement between the US & Japan is not a legally binding commitmentTuesday:Japan's Akazawa is yet to confirm the tariff agreement with the USHow is this surprising? The 'deals' Trump has been espousing are little more than vague frameworks, held together by duct tape and bits of string.The education bit! Now, on the yen. You'll see the chart attached. This news hit at the worst possible time of the 24 hour cycle for FX. The US has suit up shop for the day and are heading home. New Zealand is active and ... that's about it. Sure, there are algos about, but many of them are either switched off at this time of the day (too risky!) or volumes are scaled right back. You'll see that for yourself in retail spreads on FX widening out at this time of day, even on a no news day. This article was written by Eamonn Sheridan at investinglive.com.