During the 2025 tariff period, the market saw a notable divergence where the Euro and Japanese yen actually strengthened against the dollar by 4.73% and 4.13%, respectively, suggesting that trade friction helped strengthen major fiat peers. However, the 2026 West Asia war is defined by a synchronized decline, with Japan and India, both heavily dependent on oil imports, losing value sharply. The data signals that conflicts are more likely to cause investor pivot toward hard assets than policy-driven disruptions.
