Yen Finds Footing as Dollar Stalls Near Six-Week Lows

The Japanese yen found stability after recent intervention efforts by Japan and the US. The yen rose to 157.60 per US dollar, easing about 0.4% from Monday's high of 155.20 in the previous session.

Treasury Secretary Scott Bessent said on Tuesday that the US will do 'whatever it takes' to support Japan's efforts to stabilize the yen. This statement added credibility to the intervention and hinted at further coordinated action if necessary.

Meanwhile, the US dollar index held near six-week lows due to fresh optimism over a potential diplomatic off-ramp in the Middle East conflict. Oil prices also extended their falls, with Brent crude futures down 0.3% in early trade on Wednesday.