Yen Stabilizes Near 160 as Markets Eye BOJ Rate Hike

The yen has steadied near the 160-per-dollar level after US Treasury Secretary Scott Bessent's comments on the Bank of Japan hiking rates later this month.

Bessent said he believes the Japanese government and central bank will take action to lead to a stronger yen, despite markets pricing in a 73% chance of a hike from the BOJ in September.

Analysts suggest there needs to be a much stronger follow-through by the central bank for the yen to sustainably move away from 160.