Bessent's Yen Push Hits Resistance Amid Oil Surge

The yen steadied near 160 per dollar on Tuesday after U.S. Treasury Secretary Scott Bessent put pressure on the Bank of Japan to raise interest rates this month.

Bessent's comments came as global markets remained cautious following renewed Gulf attacks that sent Brent crude futures above $91 a barrel and spurred a bond selloff.

The yield on 10-year Treasury notes hit its highest since January 2025, while the 10-year Japanese government bond yield touched 3% for the first time in 30 years.

Bessent said he believed Japan's government and central bank would take action that leads to a stronger yen, citing information he claimed was not publicly available.