Yen Finds Footing After Intervention, Dollar Remains Near Six-Week Lows

The yen has found some footing after recent intervention efforts by Japan and the US, but the dollar remains near six-week lows due to optimism over a potential diplomatic resolution in the Middle East.

The Japanese currency strengthened slightly to around 157.60 per US dollar on Wednesday, after easing about 0.4% from Monday's high of 155.20.

Treasury Secretary Scott Bessent said that the US would 'do whatever it takes' to support Japan's efforts to stabilize the yen, following joint intervention by Washington and Tokyo last week.

This intervention has given authorities an effective tool to buy time while they wait for fundamental factors to turn more positive, according to Tony Sycamore, a market analyst at IG.