Yen Near 160 as Bessent Expects BOJ Action

The yen hovered near the 160-per-dollar mark on Tuesday after U.S. Treasury Secretary Scott Bessent expressed optimism that Japan's government and central bank would take action to strengthen the currency.

Bessent told CNBC that he believed the BOJ would do what is necessary for a stronger yen, sending a rare joint intervention with the U.S. at the end of July back into focus.

The yen last traded at 159.81 per dollar, having dipped below the 160 level in two previous sessions.

However, analysts are warning that a single rate hike by the BOJ may not be enough to sustainably move the yen away from this level, with Charu Chanana of Saxo noting that 'a more hawkish BOJ path beyond September' is needed.