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(Bloomberg) — Asian currencies gained as the dollar sank to levels last seen four years ago as investors turned cautious toward the world’s reserve currency amid unpredictable policymaking from Washington.

The Malaysian ringgit, Thai baht and the South Korean won all appreciated in early Asian trading after the Bloomberg Dollar Spot Index slid to its lowest since February 2022 during the US session. The dollar steadied after its biggest fall since April. The greenback’s decline had accelerated after President Donald Trump said he was not concerned about the weakening.

Asian stocks were mixed with South Korea rising and Japan falling. US equity-index futures extended gains as the Wall Street Journal reported SoftBank is in talks to invest up to $30 billion more in OpenAI.

The dollar’s weakness reflects uncertainty over policy from the Trump administration, including threats to take over Greenland and comments that have raised concerns about the Federal Reserve’s independence. That forms the backdrop as the Fed announces its interest-rate decision Wednesday, just as traders turn their attention to megacap technology earnings.

“The Trump administration is taking a calculated risk,” said Win Thin, chief economist at Bank of Nassau 1982 Ltd. “Foreign exchange typically is the leader in terms of showing market discomfort with a country’s policies and economic outlook, so this dollar weakness bears watching.”

The latest decline in the dollar also follows signs of US support to boost the yen, reopening speculation around the potential for coordinated currency intervention to guide the greenback lower against key trading partners.

Reports from traders Friday indicated that the Federal Reserve Bank of New York contacted financial institutions to check on the yen’s exchange rate — a preliminary step that’s often taken before interventions.

Meanwhile, Trump’s dollar comments added to an earlier slide in the greenback, which reflected a lack of confidence in the US economy partly due to his erratic tariff policy.

Speaking to reporters in Iowa, Trump said “the dollar is doing great.” When asked if he wants to see the currency decline more, he replied that he could have it go up or down “like a yo-yo.”

In other corners of the market, gold traded slightly below its record high and silver advanced. West Texas Intermediate crude also edged up. The commodities are all priced in dollars.

Treasuries were a touch stronger with the yield on the 10-year falling one basis point to 4.23% ahead of Wednesday’s Fed meeting. The central bank is projected to halt its rate-cutting cycle as a steadier jobs market restores a degree of consensus among officials after months of growing division.

With the economy still displaying exceptional strength, the Fed’s messaging is likely to emphasize a data‑driven approach to future policy decisions, according to Chris Brigati at SWBC. Also, the tone from this week’s earnings from the so-called ‘Magnificent Seven’ tech companies should be solid.

Around a third of S&P 500 companies by market capitalization report results this week. Microsoft Corp., Meta Platforms Inc. and Tesla Inc. report earnings on Wednesday, followed by Apple Inc. on Thursday. Alphabet Inc., by far the best performer among megacaps last year, reports on Feb. 4. Results from Amazon.com Inc. land on Feb. 5 and Nvidia Corp.’s on Feb. 25.

“This week is pivotal in setting the market’s near‑term tone as 2026 progresses,” Brigati noted. “History shows that a strong January often frames the narrative for the rest of the year, with investor psychology playing an outsized role.”

Corporate Highlights:

China Vanke Co. won more breathing room as it prepares what would be one of the country’s biggest-ever restructurings, after holders of two yuan bonds accepted the developer’s plan to delay the bulk of those payments by a year. Texas Instruments Inc., the biggest maker of analog chips, gave a strong revenue forecast for the current period, indicating that demand for industrial equipment and vehicles is beginning to rebound. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.2% as of 9:35 a.m. Tokyo time Hang Seng futures rose 0.4% Nikkei 225 futures (OSE) fell 0.9% Japan’s Topix fell 1.1% Australia’s S&P/ASX 200 was little changed Euro Stoxx 50 futures fell 0.2% Currencies

The Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.2% to $1.2022 The Japanese yen fell 0.2% to 152.51 per dollar The offshore yuan was little changed at 6.9388 per dollar The Australian dollar was little changed at $0.7017 Cryptocurrencies

Bitcoin rose 0.2% to $89,111.07 Ether rose 0.2% to $3,016.78 Bonds

The yield on 10-year Treasuries declined one basis point to 4.23% Japan’s 10-year yield was unchanged at 2.275% Australia’s 10-year yield advanced two basis points to 4.87% Commodities

West Texas Intermediate crude rose 0.2% to $62.53 a barrel Spot gold fell 0.3% to $5,166.21 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Ruth Carson.

©2026 Bloomberg L.P.