Yen Breaks 157 Amid Speculation of Currency Intervention

The Japanese yen surged to a high of around 157 against the US dollar in foreign exchange trading on July 30, sparking speculation about potential currency intervention.

Japan's top currency official, Atsushi Mimura, hinted at possible support from the United States without ruling out coordinated intervention, saying 'I understand that we have received support from the U.S. authorities that goes beyond mere moral support.'

U.S. Treasury Secretary Scott Bessent also weighed in, stating that he believes the Japanese yen is undervalued and will eventually be reassessed to reflect its fundamentals.