Yen Stabilizes After Historic Intervention
The Japanese yen stabilized on Wednesday after its most volatile few days in months following historic intervention by Tokyo and Washington. The dollar traded around six-week lows against other currencies as revived hopes of an end to the war in Iran blunted safe-haven demand.
The yen was steady at 157.55 per dollar, slightly stronger on the day, having fallen 0.4% on Tuesday. It hit as low as 155.2 per dollar on Monday and traded at its weakest level in 40 years a week earlier, around 164 per dollar.
US Treasury Secretary Scott Bessent echoed former European Central Bank president Mario Draghi's pledge to support Japan's efforts to stabilize the yen, saying 'whatever it takes' would be done. The dollar hit its lowest against the Japanese currency in three months after joint purchases on Friday by Tokyo and Washington.