investingLive Asia-Pacific FX news wrap: Trump unhappy with Iran. BoJ hawkish hold.

Bank of Japan leaves its short term rate at 0.75%, as expected Bank of England rate decision may spring a split vote surprise, HSBC warns Morgan Stanley sees dollar risks skewed to downside as energy shock sensitivity fades Iran has 22 days of storage left as naval blockade drives exports to near collapse PBOC sets USD/ CNY reference rate for today at 6.8589 (vs. estimate at 6.8282) Foreign carmakers warn cheap models face U.S. exit without USMCA deal Katayama talks up yen intervention risk (as usual) as crude volatility weighs currency Easter discounts cool UK shop prices but Iran war inflation threat looms large Japan March Unemployment rate 2.7% (vs. expected 2.6%, prior 2.6%) Vance said to question Pentagon's war picture as US missile stockpiles face serious strain Trump sceptical of Iran's Hormuz offer as nuclear demands remain the sticking point WSJ: Trump sceptical on Iran's Hormuz proposal but White House presses on with talks U.S. and Iran closer to deal than it seems as mediators push for Hormuz agreement first U.S. and Iran closer to deal than thought, with Hormuz access key to any agreement Bessent warns global aviation sector: service Iranian airlines and face U.S. sanctions Summary Trump is said to be unhappy with Iran's nuclear proposal, with Secretary of State Rubio reiterating that preventing Iran from obtaining a nuclear weapon remains Washington's core demand; no deal, no resumption of war, Hormuz stays shut The Bank of Japan held rates at 0.75% in a 6-3 vote, with three members pushing for an immediate hike to 1.0%; the BOJ upgraded its inflation outlook sharply and downgraded growth, putting a June hike in play and July looking close to certain Japanese Finance Minister Katayama reiterated round-the-clock readiness to act on yen volatility in coordination with the U.S., though her comments provided little tangible support for the currency USD/JPY edged lower after the BOJ decision; the dollar softened modestly across major FX pairs Foreign automakers including Nissan, Hyundai and Toyota warned the Trump administration they may pull affordable models from the U.S. market if USMCA is not renewed or is watered down Meta Platforms is preparing to unwind its acquisition of AI startup Manus after Chinese authorities blocked the deal, with founders set to depart and Beijing imposing a deadline of several weeks to reverse the transaction South Korea's KOSPI hit a record intraday high, up more than 1.2%, led by automakers and steel stocks, with investor attention turning to major U.S. technology earnings for clues on AI investment and semiconductor demand Markets ended Tuesday's session with crude futures pushing higher and equity and fixed income futures under pressure, as further reports confirmed that U.S. President Donald Trump is dissatisfied with Iran's latest proposal to end the war. Reuters, citing a U.S. official, reported that Trump does not love the proposal, echoing earlier accounts from the Wall Street Journal and the New York Times. The sticking point is the same one it has been throughout: Iran's offer focuses on reopening the Strait of Hormuz and restoring pre-war conditions without addressing the nuclear programme. Secretary of State Marco Rubio made Washington's position plain, saying that preventing Iran from acquiring a nuclear weapon remains the core concern and that any framework which sidesteps enrichment is insufficient. The background context helps explain why the gap is so wide. Iran's proposal, as characterised by those familiar with its content, would amount to a restoration of its pre-war revenue position, including the potential to levy tolls on Hormuz traffic worth billions of dollars annually, combined with the retention of full enrichment capability. For Washington, accepting those terms would effectively confer on Tehran the status of a fourth major centre of global power. It is little wonder Trump is pushing back. The White House is expected to deliver a counterproposal in the com