Yen Falters Amid US Rate Hike Pressure, Oil Price Spike

The Japanese yen has steadied near its 160-per-dollar level as US Treasury Secretary Scott Bessent increased pressure on the Bank of Japan to hike rates later this month.

This move comes amid renewed attacks in the Middle East, which have lifted oil prices and Treasury yields. Brent crude futures have risen above $91 a barrel, while Treasury yields are higher.

Bessent stated that he believes the Japanese government and central bank will take action leading to a stronger yen, but analysts suggest there needs to be a more significant follow-through from the BOJ for this to happen.