Bessent's BOJ Rate Hike Call Sends Yen Stabilizing Near 160

The Japanese yen has steadied near 160 per dollar after U.S. Treasury Secretary Scott Bessent urged the Bank of Japan to raise interest rates this month.

Bessent stated that he believes the Japanese government and central bank will take action leading to a stronger yen, citing 'information that the market doesn't have'.

Markets are pricing in a 73% chance of a BOJ hike later this month, but analysts suggest there needs to be a much stronger follow-through by the central bank to sustainably move away from 160.