The yen strengthened dramatically, briefly reaching 139 per dollar, a seven-month high, as safe-haven flows shifted from "dollar selling" to "yen buying." This currency movement intensified discussions of a potential "Plaza Accord 2.0" amid Trump's pressure on the Federal Reserve for rate cuts.

Global and Japanese mourning for Pope Francis, who died from a stroke, dominated early headlines, with subsequent coverage explaining papal succession procedures.

US-Japan trade tensions continued with the new US envoy expressing optimism about tariff negotiations after meeting Japan's Prime Minister. The IMF cut its 2025 global growth forecast by 0.5 percentage points to 2.8%, citing trade war impacts.

Domestically, Prime Minister Ishiba announced a 10 yen per liter gasoline price reduction and ordered a review of the "single application" system for public high schools, while the agriculture minister apologized for persistently high rice prices.