Dollar Steady Amid Yen Intervention Support
The US dollar held steady on Tuesday as investors focused on the yen's recent intervention by the US and Japan. The Japanese currency weakened against the greenback, but its value remains above a four-decade low it hit before last week's landmark intervention.
US Treasury Secretary Scott Bessent confirmed that Washington had stepped in to strengthen the yen, citing concerns about market stability across Asia. He noted that any weakness in the yen could have significant consequences for regional economies and trade flows.
The USD/JPY pair rose 0.4% to 157.76, while the dollar index against a basket of six major peers remained essentially flat at 99.88. This follows last week's decline driven by the yen intervention and uncertainty around Federal Reserve rate policy.