Dollar-Yen Breaks Below 152 as Treasury Secretary Bessent Warns Against Yen Selling

The dollar-yen pair has entered a rapid yen appreciation phase, with market participants growing increasingly wary of the battle unfolding around the 152-yen threshold.

An unusual warning against yen selling from U.S. Treasury Secretary Scott Bessent combined with mounting expectations of additional rate hikes by the Bank of Japan has driven an unwinding of accumulated yen-short positions.

The market now faces a test of the long-term support line that has underpinned the pair for more than five years since 2021, and a break below 152 puts 147 as the next target.