Bessent Pressures BOJ on Yen Rate Hike

The yen stabilized near 160 per dollar on September 1 after U.S. Treasury Secretary Scott Bessent urged the Bank of Japan to raise interest rates this month.

Bessent stated that he believed Japan's government and central bank would take action leading to a stronger yen, citing information not available to the market.

The currency markets remained subdued, with the yen last buying 159.81 per dollar after weakening below the 160 level in previous sessions.