Yuan the winner of Hormuz crisis, but greenback is safe. Here’s why
by Jessica Sier · Australian Financial ReviewJessica SierNorth Asia correspondent
Mar 31, 2026 – 12.41pm
Two Japanese vessels passed through the Strait of Hormuz last week after apparently paying a $US2 million ($2.9 million) toll to Iranian Revolutionary Guard forces. What currency they used to settle, Tokyo has not said.
The silence may speak volumes. If Japan – a close security ally of the United States, host to 50,000 American troops, and one of the world’s largest holders of US Treasury bonds – quietly settled the fee in yuan, it would signal that even Washington’s most dependable partners are beginning to calculate whether the costs of dollar loyalty are worth bearing.
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Jessica SierNorth Asia correspondentJessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
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