Yen Finds Footing on US Support Amid Mideast Diplomatic Hopes

The Japanese yen has regained some footing after recent intervention efforts, with US Treasury Secretary Scott Bessent assuring that his country will do 'whatever it takes' to support Japan's economic stability.

After a joint intervention by Washington and Tokyo last week, the yen is now trading at 157.60 per USD, slightly firmer than its Monday high of 155.20. This marks a significant recovery from recent 40-year lows around 164 per dollar.

Bessent's comments have added credibility to the intervention efforts, with market analyst Tony Sycamore noting that coordinated action remains possible and has given authorities an effective tool to buy time while waiting for fundamental factors to improve.