Yen Finds Footing After Intervention, Dollar Stalls on Mideast Hopes

The Japanese yen has found some footing after recent intervention efforts and a show of support from the US, but the dollar remains near six-week lows due to fresh optimism over the Middle East.

The yen was slightly firmer at 157.60 per USD, easing about 0.4% from Monday's high of 155.20 in the previous session.

Treasury Secretary Scott Bessent said the US will do 'whatever it takes' to support Japan's efforts to stabilize the yen, which has been under pressure due to low interest rates and a strong dollar.

Bessent also expressed confidence that Bank of Japan Governor Kazuo Ueda will make decisions in the best interests of the Japanese economy.

Oil prices extended their falls on Wednesday, with Brent crude futures down 0.3% in early trade, as signs of a possible diplomatic off-ramp to the Iran conflict eased fears of supply disruptions and prompted traders to unwind risk premiums.