Yen Stabilizes Near 160 Amid Bessent's BOJ Hike Expectations

The Japanese yen has stabilized near the 160 mark against the US dollar following comments from U.S. Treasury Secretary Scott Bessent, who believes Japan's government and central bank will take action to strengthen the currency.

Bessent's remarks were made during a Group of 20 finance leaders' gathering in Singapore, where he stated that he had information not available to the market, but his belief was that the Japanese government and BOJ would do things leading to a stronger yen.

This comes after a rare joint intervention by the U.S. and Japan at the end of July briefly boosted the yen away from 40-year lows, but it has since given back most of those gains.