Yen Recovers as US Backs Intervention, Oil Prices Continue to Decline

Currency markets paused on Wednesday as pressure eased on the Japanese yen following recent interventions and firm support from the United States. The yen edged up to around 157.60 per U.S. dollar after falling from a peak of roughly 155.20 in the previous session.

The US Treasury Secretary Scott Bessent said that Washington will do everything possible to support Japan's efforts to stabilize the yen, and expressed confidence that Bank of Japan Governor Kazuo Ueda would make decisions that are best for the country's economy.

Falling oil prices continued to impact markets, with Brent futures down 0.3% in morning trading after dropping 5% in the previous session. The decline has reduced fears of supply disruptions and lowered risk premiums.